No matter what the Statistician-General says about inflation and economic indices, many families feel the pains of the biting economy in the cost of bread.
They may have to pay more for “our daily bread” because of the rising cost of ingredients for baking the staple food in the last three years.
This is coming even as the children whom parent’s are paying fees now still look forward to their daily bread as breakfast. But many have to make do with the alternatives parents provide.
Premium Bread Makers Association of Nigeria explained the reason why the cost of bread has to go up: “The challenges we face as a result of the incessant increase in the prices of baking ingredients have rendered most premium bakeries comatose making us to operate at a loss.”
The President of the association, Mr Jemide Tosan, thumbed up the resilience
in the last three years who have kept bread price stable though the price of flour and other ingredients have been on the increase.
“Most of us got loans with double-digit interest rates from financial institutions to fund our bakery projects and are finding it extremely difficult to meet our loan repayment obligations,” Tosan noted, adding that something had to be done to save the industry from extinction.
“Given the current situation, most premium bakeries may be forced to embark on a price increase, which will further make bread unaffordable to the common man.
“As an association, we are totally committed to ensuring that Nigerians have healthy, quality, affordable and harmless bread on their tables.
“It is in light of this that we appeal to the Federal Government to look into the issues that currently threaten the existence of the premium bakery industry in Nigeria.”
A 50 kg bag of flour, the major component of bread, rose by nearly 100 % to N11,500 from N6,500.
Increases in other ingredients range from 77% to 137% within the last three years.