The Association of Master Bakers and Caterers of Nigeria (AMBCN) said prices of bread and biscuits will increase by 30 per cent to cushion the impact of rising cost of production.
The association reached the resolution at the end of its national executive council (NEC) meeting in Abuja.
In 2020, AMBCN had hinted at a 50 percent increase in the price of bread citing the surging cost of raw materials and COVID-19 impact.
While the various interventions by the government have seen a ramp-up in the local production of raw materials such as wheat and sugar, this is still short of demand in the country.
In April, the Central Bank of Nigeria hinted at a plan to include sugar and wheat on the list of import items banned from accessing foreign exchange (FX).
Bread is one of the most commonly eaten staples in most Nigerian homes and any increase will further shrink consumers’ wallets while battling with rising inflation and stuttering economic growth.
National president of the AMBCN, Mansur Umar, who read the resolution, said increase in prices of flour and other baking materials necessitated the development.
The association noted that a truck of flour which was previously sold at N6 million is now N9 million.
“The incessant increase of prices of flour and other baking materials is responsible for the decision,” the statement read.
“In the last six months, one truck of flour that we used to buy at less than N6m is now N9m.
“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 30 per cent,” he said.