Rising cost of bread: Increase in dollar is the cause – Akinyola

Image result for high cost of breadTVC E.  Secretary to the association of master bakers in Lagos, Akinyola Sunday a guest on  TVC Breakfast show on Friday ( 14th of October 2016) said, the increase in dollar is one of the major factor for the increased price of breadin Nigeria.

Government has so many policies, but their implementation is bad. Government needs to support with enough materials to work with and make sure the federal government policy on bread is even.

The Chairman of the association, Alhaji Rafiu Bakare, told news men that prices of baking materials had increased beyond what members could afford, hence the warning strike was carried out to sensitize the public. He said the strike was called off after the association had resolved to effect an upward review of prices of all categories of bread. Bakare, however, told news men on Thursday that the latest increase became inevitable as the prices of baking materials had continued to rise unabated.

bread-high-costHe said the prices of raw materials like baking flour, sugar, yeast and firewood had increased by over 100 per cent, aside other payments in respect of salaries to bakery employees. Bakare said that the development had forced some bakers out of business, while others who managed to stay had been running their bakeries at a loss. “A bag of flour even before the last adjustment in bread price was N8,600 in Omu-Aran but had risen to a whooping N11, 000, while a bag of sugar now costs N9, 000 as against the old price of N7, 000.

“This is aside the unstable prices of nylon, firewood and other materials,’’ he told news men. Bakare said the executives had in a recent meeting agreed to carry out slight adjustment in the prices of categories of bread in relation to the price of raw materials, for members to make profit. He said that an adjustment of N10 increase was agreed for N70, N80, N120, N150, N200 worth of breads.

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