Lagos Bread Association cries out as price may increase by 60%
Bakers in Lagos State have urged the Federal Government to intervene in the prices of baking materials, which may lead to increase in the prices of bread by 60 per cent anytime soon.
According to the Association of Master Bakers and Caterers of Nigeria, the high cost of baking materials is killing the bakery businesses, as many bakeries are finding it difficult to make profits due to the high cost of the materials.
“A bag of flour that costs N9,000 before COVID-19, now goes for N13,000, while a bag of sugar now costs N24, 000 as against the former price of N13,000.”
“Butter is now N12,000 against N7,500, while milk, which was hitherto N29,000, now goes for N52,000. And there is an increase in the Bread packaging cost which is now N12, 000 against the former price of N10,000,” the group said.
They added that the prices of salt, yeast and other baking materials had also hit the roof top.
The association also explained that the instability of foreign exchange, high cost of diesel and other baking materials were reasons given by flour millers for the hike in the prices of baking materials.
