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A family size loaf of bread formerly sold for N350 is now N550 in the Federal Capital Territory (FCT), Abuja.
Speaking on the development, the Managing Director of Foods and Foods, makers of Bon bread, Maria Cardillo, revealed that the cost of producing bread was becoming unsustainable in the country because of the instability of prices of raw materials.
She noted that due to increasing cost in production, the company reviewed the price of its family loaf “last year from N350 to N400. But we realized that in less than one year that margin has been greatly eroded. And don’t forget in all of this, there’s increase in power and fuel cost, and all of this will go into the final product.
“So now we actually have no choice. It’s either we shut our doors or we increase the bread by 30 per cent as it has been on the news recently, we really don’t have a choice, but we have been holding meetings and trying to see what we can do because we are also parents and we have children and families.
“We know what is going on in the economy of the country, and we are trying to see how the 30 per cent increase will affect people, how many people can afford this move from N400 to N500.
“But I will not be surprised if this trend continues when the flour mills keep increasing the flour price. And they continue to increase sugar price, bread may move from N500 to N600 and ahead.”
It will be recalled that the Association of Master Bakers and Caterers of Nigeria (AMBCN) in March 2021 had announced an increment of 30 per cent in the prices of bread and biscuits.
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