As Nigerians still grapples with the devastating effect of the economic recession being witnessed in the country, the Association of Master Bakers and Caterers of Nigeria, AMBCON, has said the prices of bread, biscuits and other related commodities would be increased by 15 percent with effect from 17th of this month.
The Association in a communique after its enlarged joint meeting of the South-South and South-East geo political zones held in Asaba, blamed the development on the high cost of production.
Decrying that Nigeria’s economic recession was taking a more dangerous twist, the Association in the communique co-signed by chairman of the Joint Zonal Counci, Sir Hilary Eze, Secretary, Elder Akpan Jude and 12 others from the zones, which include Enugu, Anambra, Edo, Ebonyi, Cross River, Delta and Akwa-Ibom States, said “the adjustment of price is as a result of the sudden increase in the prices of sugar from N7,000 to N19,000, butter from N4,200 to N12,000, yeast from N10,500 to N17,000 and flour from N9,700 to N12,000.
“After considering the impact of the skyrocketed prices of baking ingredients/materials, for the survival of our noble business, which is presently bleeding, the association came to the conclusion to adjust our prices by 15 percent.”
Appealing to the Federal Government to come to their aids, they wondered why all entreaties to the Ministry of Agriculture and Natural Resources to safe them from loosing grip of the business, fell on deaf ears.