Recession: Bakers increase prices of bread, others by 15%

The prices of bread, biscuits and other baked goods are set to go up by 15 per cent, Nigerian bakers have confirmed. Vamguard reports that the bakers under the aegis of Association of Master Bakers and Caterers of Nigeria (AMBCON) said the new prices take effect from October 17.

The Association revealed this in a communique after its enlarged joint meeting of the south-south and south-east geo political zones held in Asaba, Delta state. They blamed the high cost of production for the move and noted in alarm that Nigeria’s economic recession is taking a more dangerous twist.

The communiqué said: “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.” In the light of this development, then the new prices of some select breads, biscuits and cup cakes would go thus after taking into consideration that there are no coins in circulation and the prices would be rounded off to closest whole number. 

Product                                  Old price                           New price 
Small bread (unsliced)           N70                                        N80 
Big sliced loaf                          N250                                      N280 
Biscuits                                     N10                                        N15 
Cup Cakes                                N50                                        N60 

Big cakes                                  N3500                                   N4000