Wholesalers and retailers of alcohol and beverages have voiced their dismay over dwindling sales, attributing it to the skyrocketing prices imposed by bottling companies nationwide.
During a gathering in Lagos on Saturday, sellers of alcohol and beverages lamented a staggering 100 per cent surge in prices of alcohol and other beverages compared to the same period last year, following notifications of price hikes from bottling companies.
Currently, a 50cl pet bottle of various soft drink brands commands a price of N300, doubling from N150 in 2023. Alcoholic beverages, including canned beer, now sell at N700, up from N400, while a can of malt drink has surged to N400 from N250.
Furthermore, the intoxicants sector has witnessed a nearly 100 per cent price increment, with prices soaring from N350 to N600 within the review period.
Mercy Igalawuye, a supermarket operator, revealed a substantial 30 per cent decline in sales, urging government intervention to alleviate inflationary pressures nationwide.
She said, “Let the government look at areas where they can help, because the way it is, it’s only God and the government that can help us. People can barely eat or afford basic things anymore, not to talk of luxury like soft drinks. This is why it is important that government should intervene before things get totally out of hand for the masses.’’
Similarly, another vendor, Seun Asaolu, bemoaned the adverse impact of price hikes on daily sales, reporting a drastic 50 per cent reduction.
He highlighted the challenges faced by event planners, vendors, and clients due to fluctuating prices, emphasizing the urgency for economic stabilization.
“If a client pays for items this morning, by evening, we have to compare prices to be sure we are still on the same page, else we run at losses. I had quoted a client earlier in the month for an event scheduled for next month and by the time I went to stock this week, the prices had gone up. So, this has been causing problems between event planners, vendors and clients. We hope the economy stabilises soonest, otherwise, the event industry would face serious issues going forward,” he said.
Ngozi Ogbunachara, a distributor, echoed sentiments of escalating prices and diminishing sales since the year’s onset, emphasizing the minimal profit margins exacerbated by rising costs.
Meanwhile, Fikayo Obalolorun, a hawker, noted the adverse effects of hot weather on sales, lamenting a decline compared to the peak period during the harmattan season. She stressed the urgent need for economic solutions to alleviate prevailing challenges.
Amidst these concerns, headline inflation for January 2024 surged to 29.90 per cent, marking a 0.98 per cent increase from December 2023’s 28.92 per cent, further underscoring the urgency for economic interventions.
Source: NAN