Price of bread goes up by 20% in Lagos today

The Lagos State Association of Master Bakers and Caterers of Nigeria will today, August 17, increase the price of bread by 20 per cent.

Speaking at a press briefing in Lagos, chairman of the association, Prince Jacob Adejorin, lamented the high cost of producing bread and called on the Federal Government to look into the high cost of baking ingredients.

According to him, the prices of baking ingredients like flour, sugar, diesel, salt yeast, kerosene and nylon have tripled without any corresponding measures to reduce the hardship on bakers.

“After serious consideration of the high prices of baking ingredients and series of local council levies, we are compelled to increase the price of bread as done to other consumer goods. A few months ago, a bag of flour was sold for N6,000 while sugar was sold for N7,000 but just this morning, a bag of flour is N11,000 and sugar is being sold for N15,000.

“The bakers can no longer cope with this situation hence the decision to increase the price of bread by 20 per cent. The present economic situation has affected the baking industry as the second largest employer of labour in the country and bread being the most stable and easiest food to lay hands on anytime anywhere.

“All members and bread vendors must adhere strictly to the new price. We, however, appeal to our customers and consumers of bread to bear with us at this time. It is our promise to continue to produce good quality bread at an affordable price,” Adejorin said.