The Association of Master Bakers and Caterers of Nigeria (AMBCON) has said the prices of bread, biscuits and other related commodities would be increased by 15 percent with effect from Monday, October 17, due to the devastating economic situation of the country.
The Association in a statement after its enlarged joint meeting of the South-South and South-East geo political zones held in Asaba (Delta) blamed the development on the high cost of production.
The statement read, “The adjustment of price is as a result of the sudden increase in the prices of sugar from N7,000 to N19,000, butter from N4,200 to N12,000, yeast from N10,500 to N17,000 and flour from N9,700 to N12,000.
“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 15 percent.”
Nigerians have shown concern over this announcement as bread and other related commodities have become staples.
– SOEWU OLUWAKEMI