Oddbean

Bakers quote new prices for bread as inflation pushes costs to new high ========== Bakers in Nigeria report rising bread prices due to high exchange rates and wheat scarcity; low output in wheat-producing regions exacerbates costs. In 2023, flour companies saw a 45% increase in production costs, totaling N2.2 trillion, while turnover rose to N2.5 trillion, a 47.2% increase. Nigeria produces less than 1% of required wheat, with local consumption up over 40% in the past decade. Bread prices have risen by 76.5% year-on-year, with large bread now averaging N1,500, up from N850. In August 2024, Nigeria's inflation rate was 32.15%. The country is set to receive 400,000 tonnes of wheat worth N194 billion in August 2024. #BreadPrices #Inflation #Nigeria #Wheat #Economy #Bakers #Flour #Costs #ExchangeRates #FoodPrices https://www.legit.ng/business-economy/economy/1619318-inflation-pushes-bread-prices-high-bakers-quote-costs-reasons/