Residents in Rivers State are in for a potential financial adjustment as the cost of bread is slated to rise from February 7th, 2024. This anticipated increase could impact regular consumers who frequently buy this food item.
Speaking to reporters in Port Harcourt after an emergency assembly of the association, Dr. Chidi Emmanuel, Chairman of the Rivers State chapter of the Master Bakers Association of Nigeria, affirmed the forthcoming rise in prices.
Dr. Emmanuel provided insights into the reasons behind the price increment, attributing it to the soaring costs of materials, an uptick in cargo clearance charges by the Central Bank of Nigeria, and a surge in energy costs.
He said, ‘There is going to be price increment on all bread sizes from Thursday simply because most of the things we use in producing bread are imported.’
‘So if naira has moved from N1,000 a month ago to about N1,500 to the dollar today, price of things must go up. And that is the position of master bakers, Rivers State branch.’
‘And it is a nation-wide thing, some states have implemented even before today. There is a directive by the national association to all the states to review their cost of production and increase selling price accordingly.’
‘So, we are complying with a directives from the national headquaters and it is effective Thursday. It is a decision taken by the association.’
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Dr. Emmanuel affirmed that although the cost of bread is set to increase, the association is dedicated to upholding production standards in the state. He appealed to bread consumers, urging them to bear with the association in light of the circumstances.
Emmanuel further said, ‘My advice to them (consumers) is to keep managing. Let’s believe that there will be improvement in the near future.’
‘If the price of the raw materials come down, we will call a meeting again and reduce the prices downward. If the raw materials continue to go up we will call a meeting again and review upwards. It is purely an issue of buying and selling.’
‘So they (bread producers) should try and maintain standard so that they don’t use banned substances to produce bread.’
‘It is better to produce small quantity and sell than a large quantity and unable to sell.’
In an additional piece of advice, Dr. Emmanuel recommended that bread producers consider the purchasing power of consumers to minimize losses in their operations.
Dr. Emmanuel shared that the association will officially unveil the prices of all bread loaves in the state, beginning this Thursday.