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Bakers hike bread price in Lagos

Bakers in Lagos have increased the price of bread, citing the rising cost of production, Daily Trust can report.  Our correspondent learnt that the price…

Bakers in Lagos have increased the price of bread, citing the rising cost of production, Daily Trust can report.

 Our correspondent learnt that the price adjustment ranges from N50 to N200 for some categories of loaves.

 A popular baker in Lagos, Rapid Bakers confirmed that its price adjustment took effect yesterday.

 Other bakers across the state have also followed by effecting some adjustments on prices in order to remain in business.

 President of the Premium Bread Makers Association of Nigeria (PBAN), Emmanuel Onuorah, told our correspondent that the last adjustment was done a year ago, saying the price of baking ingredients had gone up.

 He said, “The price of sugar increased by about N10,000 in the last two months; flour added about N2,000 recently and flour makes up about 65 % of our inputs followed by diesel which is about 80 %, and then sugar which is about 16%.

“So this is inevitable because once your cost and revenue are disproportionate, it is either you are doing an adjustment or you are closing shop. So many businesses have closed.”

 

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