The Association of Master Bakers and Caterers of Nigeria (AMBCON) has announced intentions to raise bread prices countrywide by 15% in response to the growing cost of wheat, sugar, yeast, and other raw materials.
The national president of AMBCON, Mansur Umar, and the national secretary, Jude Okafor, made this information public in a statement.
The raise was decided upon by the association’s national executive council during a meeting that was virtually conducted on Tuesday, and it became effective as of Monday, July 24.
The group pointed out that the decision was made as a result of the nation’s present economic conditions, which have a detrimental effect on bakers’ production costs.
“Effective July 24 2023, as an interim measure, all members of the Association of Master Bakers and Caterers of Nigeria (AMBCN) are hereby advised to adjust their prices by 15 per cent in consonance with the now heavily increased cost of factors of production across the board,” the association stated.
Transportation, products, and services all increased dramatically with the elimination of fuel subsidies and the unification of the foreign exchange window.
The National Bureau of Statistics reports that the May inflation rate was 22.41 percent.