BUSINESS DAY
Bread prices have risen very fast in Nigeria in recent times at a point when elevated inflation levels are eroding citizens’ incomes.
According to the National Bureau of Statistics (NBS), the headline inflation increased to 32.70 percent in September 2024 from 32.15 percent in August 2024.
It said on Tuesday that the month-on-month inflation rate for September 2024 went up 0.30 percent to 2.52 percent in September.
The major driver of the headline inflation was the petrol price increases, which affected the general price level in the economy.
In September, Nigerians experienced an upward review of petrol prices from N597.00 to N855.00.
Last week, the Nigerian National Petroleum Company (NNPC) increased petrol prices from N950/litre to N998/litre in Lagos and as high as N1,003 in northeastern states, the second increment in two months as petrol price deregulation took full effect.
Bread out of breakfast table
Bread prices have increased across the board in the last six to 12 months. A loaf of bread which was sold for N1,000 at grocery shops four months ago now sells between N1,300 and N1,500.
A loaf of bread which was sold at N400 in October 2023 now goes for N800 in various parts of Lagos and Abuja.
According to Jude Okafor, national secretary of the Association Master Bakers and Caterers of Nigeria (AMBCN), “Prices of every ingredient for bread has doubled from year to date and the situation is hopeless for the industry.”
He said the government is yet to address the challenges of the industry and lacks the will to urge millers to use substitutes such as cassava and potatoes in their flour production.
BusinessDay found that a 50 kg of flour, an input for making bread, now sells for N62, 500 as against N39,750 sold in February 2024, indicating a 57.2 percent surge in price.
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