Why Price Of Bread, Other Flour-Foods May Increase By 10%
The price of bread and other flour products is likely to soon rise by 10 percent following a recent N600 increase in the price of flour.
Flour millers raised the price of a bag of flour by N600 last March, resulting in a bag selling at between N10,700 and N11,900 instead of the former between N10,200 and N11,300.
This is also as Naija News reported that Governor Abdulaziz Yari of Zamfara State raised an alert of impending recession by mid-2020.
This alarm was however shut out as the Central Bank of Nigeria, Deputy Governor Economic Policy Dr Joseph Nnanna, yesterday noted that Per capita growth rate is still negative but definitely, we are not going through the era of 2016 when we had a recession. That won’t happen hopefully. Not under CBN watch.”
On Daily Trust’s interaction with Tumba Turi, the National President of the Association of Master Bakers and Caterers of Nigeria (AMBCN), in Maiduguri yesterday, he said. “Our members constitute 80 percent of the consumers of the flour produced by the millers, but they increased the price of the commodity without consulting us,” Sir Dominic stressed his lamentation.
“Most bakeries across the country are closing down now as a result if the price increase,” he said, calling on the federal government to prevail of the flour millers to reverse the price increase, warning, “if the increase is not reversed, we may be compelled to raise the price of bread and other baked-flour eatables by 10 percent.”
The AMBCN president complained: “When the USD exchanged for N500 a bag of flour was N11,300; yet now with the USD exchanging for N360 a bag was still N11,300 even before the recent N600 increase.”
Bukar Mustapha, the Borno State Chairman of AMBCN said: “We know that the consumers of baked products will protest nationwide if we raise the price of our products, but we may have to do so if government does not prevail on the millers to reverse their increase.