The Association of Master Bakers and Caterers of Nigeria, AMBCON, an independent umbrella body for baking professionals, announced that the price of bread, biscuits and other related products would be increased by 15 percent nationwide with effect from October 17. This follows earlier price hikes implemented by baker associations in a number of states, including Lagos and Kogi States. The adjustment is being made in response to the significant increase in the prices of raw materials, including sugar, butter, yeast and flour as well as other costs of production, mainly reflecting the sharp depreciation of the national currency (FPMA Domestic Price Warnings).