Policewoman: I'm sure you are either in Sudan or Somalia.

Ha. That one na over-sahara desert.

Abrantie:

How does the price of bread affect the price of gari in the market?...metchwwww

Cos wheat together with cassava and rice are staples in this part of the world. i.e. every thing you eat will have one of those so the absence of one will lead to the increase of the other.

No more beans and bread or rather the beans and bread combo would drastically reduce. At least the gases released into the atmosphere would reduce thereby making Lagos a pollution-free state and helping Fashola to achieve his quest for the recognition of Lagos State as a capital city.

This will ginger increase investment in Agriculture, hence reducing unemployment and improved income to farmer. If you don't know more people are picking interest in cassava cultivation, not to make garri alone but for export cos foreign market for cassava product has increased. Interested in starting a cassava farm check this link

http://www.agricbusiness.com/2012/starting-a-cassava-farm/

Hidden posts dey plenty on this thread any reason please mr and mrs moderators? Seun must answer this in the absence of subordinate or else banning will effect him for good numbers of days.

what of garri price

Sijo01: Mod(s), will you please be civil enogh to tell me why my posts here are hidden?...... Thanks in advance

Are you guys sleeping??

but Jesus said "man shall not live by bread alone".....even that bread is no more available......Jesus should have said "man shall not live by pure-water alone"

[b][/b] BISCUIT..will save ЂΞ day.

Why is the moderator of this thread always hiding people's posts? Looks like whoever that person is; is high on some stuff! SMH.

ha!

i like bread oh!

this people should not try me!

vire: well i believe as the world econmon continues to fail and more money is printed....its only logical that this will happen...i have spoken times without number about government BONDS and what really they mean when you here CBN going to sell BONDS....it means in lame man example....if you have alcohol of 60% concentration and you begin to add water....what you will have is still taste like alcohol but the concentration has been reduced to maybe 25% due to diluting with water....now to the price of goods since more money is printed by the way of BONDS...you will have the same 1000 naira but of lesser valus compare to last month and even last week....so since more money is chasing goods and services its only normal by the law of supply and demand to have prices go up..... so rather than focus on these issues you have no power to control, because the elite will always win in this game of money..... focus of improving your cashflow...create more avenues to make more money so your financial statement always will have a surplus....if not i see alot of people going into the class of super poor soon

gbam true talk

na wow for dis country. We dont even lyk ourselfs.

gulfer: [size=20pt]Why Lagos alone? [/size] What about other states?

I think we better stick to eating our garri since both garri & bread are from cassava & garri is cheaper than bread.

bahaullah: THE ONLY OPTION IS TO CAV YOUR OWN BREAD WITH WAT EVER TOOL U HAVE IN THIS GOD FORSAKEN GEOGRAPHY CALLED NIGERIA

This is not a GOD FORSAKEN GEOGRAPHY CALLED NIGERIA rather a BLESSED nation with good people. Stop cursing yourself thinking that you are cursing Nigeria. I believe in Nigeria. Yess.. But bread...May God help us all..

Mannylex: The prophets of doom of nairaland have achieved their aim! Finally the price of bread in the market has been affected

.....and the next will be the price of g................ NO be me talk am ooo.

free2ryhme: now dat the price of bread has increased by 20% .. I bet we will witness a significant increase in the price of cassava flakes proportionately.

Hahahahahahahaha! Cassava flakes my azzzz! Ga.rr. i you mean

Is not abt d price,is abt one getin value 4 his moni,I mean d bread has to taste beta!!!

What should have been the cause of this,is the price increase in flour that would have cause it.

So even common man will think twice before he can afford to buy agege bread?! Dis country na wa!

i just read this, global food price manipulation by the london bankers


September 01, 2012
Barclays makes £500m betting on food crisis

Barclays has made as much as half a billion pounds in two years from speculating on food staples such as wheat and soya, prompting allegations that banks are profiting handsomely from the global food crisis.

Barclays is the UK bank with the greatest involvement in food commodity trading and is one of the three biggest global players, along with the US banking giants Goldman Sachs and Morgan Stanley, research from the World Development Movement points out.

Last week the trading giant Glencore was attacked for describing the global food crisis and price rises as a "good" business opportunity.

The extent of Barclays' involvement in food speculation comes to light as new figures from the World Bank show that global food prices hit an all-time high in July, with poor harvests in the US and Russia pushing up the average worldwide cost of staples by an unprecedented 10 per cent in a month.

The extent of just one bank's involvement in agricultural markets will add to concerns that food speculation could help push basic prices so high that they trigger a wave of riots in the world's poorest countries, as staples drift out of their populations' reach.

Nor has the UK escaped rising food costs. Shop food prices have risen, on average, by 37.9 per cent in the past seven years, according to the Office for National Statistics, as the demands of an increasingly affluent and growing world population strain supply. Oils and fats have soared by 63 per cent in the UK during that period, fish prices by 50.9 per cent, bread and cereals by 36.7 per cent, meat 34.5 per cent and vegetables 41.3 per cent. In April, average UK food prices were 4.2 per cent higher than a year earlier.

Oxfam's private sector adviser, Rob Nash, said: "The food market is becoming a playground for investors rather than a market place for farmers. The trend of big investors betting on food prices is transforming food into a financial asset while exacerbating the risk of price spikes that hit the poor hardest."

The World Development Movement report estimates that Barclays made as much as £529m from its "food speculative activities" in 2010 and 2011. Barclays made up to £340m from food speculation in 2010, as the prices of agricultural commodities such as corn, wheat and soya were rising. The following year, the bank made a smaller sum – of up to £189m – as prices fell, WDM said.

The revenues that Barclays and other banks make from trading in everything from wheat and corn to coffee and cocoa, are expected to increase this year, with prices once again on the rise. Corn prices have risen by 45 per cent since the start of June, with wheat jumping by 30 per cent.

Barclays makes most of its "food-speculation" revenues by setting up and managing commodity funds that invest money from pension funds, insurance companies and wealthy individuals in a variety of agricultural products in return for fees and commissions. The bank claims not to invest its own money in such commodities.

Since deregulation allowed the creation of such funds in 2000, institutions such as Barclays have collectively channelled an astonishing $200bn (£126bn) of investment cash into agricultural commodities, according to the US Commodity Futures Trading Commission.

Barclays' dominance in commodities trading is thanks to its former chief executive Bob Diamond, who was Britain's best-paid banking boss until he was forced to resign last month following a £290m fine for attempting to manipulate the Liborinterest rate. As boss of Barclays Capital he boosted trading in agricultural products.

Dealing with the reputation headache associated with high levels of food speculation will be yet another item in the already-bulging in-tray of Antony Jenkins, who was promoted to become Mr Diamond's replacement on Thursday.

Christine Haigh, policy and campaigns officer at the World Development Movement and one of the analysts behind the research, said: "No doubt the UK's biggest player in the commodities markets is hoping it will do better this year by cashing in on rising food prices. "Its behaviour risks fuelling a speculative bubble and contributing to hunger and poverty for millions of the world's poorest people."

Banks and hedge funds typically argue that speculation makes little or no difference to food prices and volatility and argue, correctly, that no definitive link has been proved. Barclays declined to comment on the amount of money it makes from trading in agricultural commodities yesterday.

The bank defended its actions, pointing out that trading in so-called futures contracts – an agreement to buy or sell a certain quantity of a product, at a given price on an agreed date – helped parties such as farmers and bakers to hedge against the risk of rising or falling prices. "Our clients include investment companies, food producers and consumers who, among other things, seek our help to manage risks."

Barclays also declined to comment on whether it thought large amounts of speculation pushed up prices and volatility. A spokesman said: "We recognise there is a perception held by some stakeholders that participation in agricultural futures markets by some participants can unduly influence the prices of commodities. As a result, we continue to carefully monitor market trends and any research produced on this subject," a spokesman said."

Barclays Capital analysts admitted in a note to clients in February that speculation did push up prices. Barclays said: "The second key driver is that commodity investors have begun allocating to commodities again after beginning 2012 heavily underexposed to the sector." The other drivers were the "health of the global economy" and "weather and geopolitics".

http://refreshingnews99..in/2012/09/barclays-makes-500m-betting-on-food.html

Yes we did it! We garri dealers hoard cassava supplies in collusion with cassava farmers when we heard bakers are going to chase us out of business. The result is the 20% increase in price of bread due to scarcity of raw materials.

#IRepTeamGarri