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Johannesburg - Consumer goods maker Pioneer Foods will hike its bread price by a "significant margin" in the near future as it grapples with skyrocketing wheat prices, it said on Friday.
"Regarding bread prices, our calculations confirm that we are not recovering a substantial portion of our significantly increased input costs. We will have to increase bread price by a significant margin," said Andre Hanekom, Pioneer Foods MD.
Pioneer Foods owns Sasko Bakeries, which makes Sasko bread.
The looming price hike comes soon after its rival Tiger Brands
hiked the price of its Albany bread by 40% a loaf, citing soaring wheat prices.
Wheat, a major input cost in the making of bread, surged nearly 50% in the past eight weeks and has more than doubled in the past 12 months to around R4 000 per ton.
- I-Net Bridge