Economy

Brace up for 30% increase in bread, biscuit prices – Association tells Nigerians

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The Association of Master Bakers and Caterers of Nigeria (AMBCN) has directed its members to increase prices of bread, biscuits and bakeries by 30 percent, citing higher cost of production.

According to the association, the price increase was necessitated by the sudden increase in the costs of production as well as prices of sugar, butter, yeast and flour.

The directive was part of the resolution reached at the end of the National Executive Council (NEC) meeting of the association in Abuja on Wednesday.

National President of the association, Mansur Umar, who read the resolutions explained: “After considering the impact of the skyrocketed prices of baking ingredients/materials, for the survival of our noble business, which is presently bleeding, the association came to the conclusion to adjust our prices by 30 percent.”

The association further urged the Federal Government to reduce regulatory roadblocks in the sector calling for National Agency for Food and Drug Administration and Control (NAFDAC) to be the sole regulator of bakeries.

It allso charged the government to take immediate steps towards reducing the high price of flour as it is killing the business.

“The incessant increase of prices of flour and other baking materials is responsible for the decision.

“In the last six months, one truck of flour that we used to buy at less than N6m is now N9m,” the association said in a statement.

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