This is N1,000 bread.
By Dada Ahmed in Lokoja.
The highest price of bread, a commodity once regarded as staple food and affordable by “the common man” in Nigeria, has risen from N300 to N1,000 in Lokoja, Kogi State, central Nigeria.
Investigation conducted by The Reporters at the popular Ganaja junction and Lokongoma market,both in Lokoja on Saturday also revealed that the list price of a loaf of bread,which used to cost N50.00 has also skyrocketed to N200.
Sellers of the commodity,who spoke with our Correspondent at the two locations attributed the astronomical rise in the price of bread to high inflation and its effects on the prices of ingredients used for baking the commodity.
The Reporters recalls that about two weeks ago, master bakers,through out Nigeria, stopped production for days to express their disgust over the frightening increase in the cost of producing bread.
Our Correspondent,who visited the Kpata and International markets in Lokoja reports that the prices of virtually all consumable and non consumable goods as well as services have continued to hit the roof on daily basis.
According to the National Bureau of Statistics,NBS, on a month-on-month basis, the headline inflation rate as at July 15,2022,increased to 1.82 per cent, representing 0.03 per cent higher than the rate recorded in May 2022 (1.78 percent).
NBS also revealed that, Nigeria’s inflation rate in June 2022, surged further to 18.6% compared to 17.71% recorded in the previous month. This is according to the recently released NBS’ CPI report for June 2022.
Both the buyers and sellers, in their separate interview with the online publication, called on the federal government to do the needful in checking the rate of inflation in the country.
“Most unfortunately, bread which used to be a popular commodity in most homes and the delight of the children has become a golden commodity and elusive to these innocent children.
” I can no longer say I want to buy bread for my children at random without having to check my pocket very well, because I know that doing so will attract fortune from my pocket.
“It is high time governnent found meaningful solution to this high inflation and it’s bitting effects on and sundry in Nigeria,” Mr Dele Afolabi, a father of five children told our correspondent.
According to wikipedia, in economics,inflation is a general increase in the prices of goods and services in an economy.When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money.
Economic experts have suggested some tips to beat inflation in 2022.
They include diversificstion of portfolio with alternative Investments,considering bond investments such as treasury inflation protected securities, making tax-efficient Investments ,puting excess cash into stocks and looking for consumer staples dtocks with strong pricing power.
