Prices of Bread to Increase by 30% as a Result of CBN ban on Wheat and Sugar
The high prices of baking ingredients and materials in Nigeria will increase the prices of breads and other bakeries.
The new development was announced on Wednesday by The Association of Master Bakers and Caterers of Nigeria (AMBCN).
AMBCN said in order to survive, bakers have to increase prices as a result of rising cost of flour and other raw materials used for baking. It stated that a truck of flour now costs N9 million, against the N6 million cost within the last six months.
The rising cost of raw materials comes at a time when the Central Bank of Nigeria stated that it will include sugar and wheat on its forex restriction list, stating that the items be produced locally.
The increase in prices comes at a period when Nigerian Bureau of Statistics said food inflation dropped in April.
The statement by the bakers association contradicts the report of the NBS that showed food inflation dropped to 22.72% in April, against the 22.95% in March, while headline inflation was down at 18.12%, compared to 18.17% Read more: