Price Of Bread To Increase Within Two Weeks – PBAN

Bread-Makers Association of Nigeria have said that the harsh business environment due to energy costs and increasing forex rates might lead to an increase in the price of bread.

Emmanuel Onuorah, president of the association described the situation as worrisome in an exclusive interview with Punch.

He explained that the present predicament had led to some of their members shutting down their business operation.

Onuorah noted that despite the harsh operating business environment the federal government had not made any move to address the situation.

According to him: “Companies are shutting down their businesses as a result of the increase in the price of diesel. Some of my members shut down (their business premises) again this week. So many other companies are closing down.

“As we speak, operators in the sachet water business segment are on strike. They’ll likely increase the price of sachet water to N25 or N30. We don’t even know where this thing is tending towards. Bigger companies are closing because of operating costs. Businesses are going under.”

The PBAN President stated further that wheat suppliers have indicated the scarcity of the product within the next two weeks which might lead to an increase in the price of bread.

“Hospitals now have to ration diesel. Energy is the key. We understand that in two weeks time, there will be a scarcity of wheat and the millers will raise their prices to N30,000 or N40,000,” he added.