Nigerian Breweries announces price hike effective August 10 over economic challenges in the country

The Nigerian Breweries has announced a price increase on all their products effective August 10, 2023, amid the current Economic challenges in the country.

This was disclosed in a letter dated 1st August 2023, and seen by Nairametrics.

In the letter, it was stated that the need to review prices was because of the continued rise in input costs and the necessity to mitigate its impact. 

“This is to inform you that we will review the prices of some of our SKUs effective Thursday, 10th August 2023.”

With inflation reaching 22.79% in June and the managed float of the forex market leading to the naira exchanging for as high as N869/$ at the I&E window last week Thursday, companies like NB PLC have faced significant challenges.  

In their half-year financial results, NB PLC reported N70.6 billion in forex losses as of June 30, 2023, as they face rising production costs and the ever-increasing cost of raw materials.

The move will impact beer lovers across the nation as consumers will now have to pay more to purchase alcohol.