Kogi Union of Bakers says it will increase the price of bread in the State in line with current cost of production.
The Chairman of the union, Mr Gabriel Bamidele, told the News Agency of Nigeria (NAN), in Lokoja on Thursday that they took the decision because of the rising cost of baking ingredients.
“My members have been operating at some losses and except there is a price increase, many bakeries in the state will close shops sooner than later.’’
He said the decision became expedient given the fact that price of items like flour, sugar, yeast, groundnut oil and other items required for baking had gone up.
“I have been struggling to stay in business as our profit margins as bakers are increasingly getting slimmer.The only way to remain in business is to have marginal increase in prices of our products’’, Bamidele said.
NAN reports that bread is one of the most affordable staple foods for the people in the more than 90 per cent civil service state.