Abuja—Amid the rising cost of flour, sugar, yeast and other raw materials, the Association of Master Bakers and Caterers of Nigeria (AMBCON) has announced plans to increase bread prices nationwide by 15 per cent.
The Daily Post reports that Mansur Umar, the national president and Jude Okafor, the national secretary of AMBCON, disclosed this in a statement.
The increase, effective from Monday, July 24, resulted from the resolution reached by the national executive council of the association during a meeting held virtually on Tuesday.
The association noted that the resolution reached was due to the country’s current economic realities, which negatively impact bakers’ production costs.
“Effective July 24 2023, as an interim measure, all members of the Association of Master Bakers and Caterers of Nigeria (AMBCN) are hereby advised to adjust their prices by 15 per cent in consonance with the now heavily increased cost of factors of production across the board,” the association stated.
Following the removal of fuel subsidies and the unification of the foreign exchange window, transportation, goods, and services skyrocketed.
According to the National Bureau of Statistics, the inflation figure for May stood at 22.41 per cent.