Again, International Breweries  Announces Hike in Beer Price

 .Set June 1  for new price take-off

Omolabake Fasogbon

Following the National Bureau of Statistics (NBS)’s announcement of April 2024 inflation rate hitting 33.69 per cent as against 33.20 per cent for March, International Breweries (IB) Plc has announced a new increase in the prices of its beers and other Stock-Keeping Units (SKUs) products in the country effectively from June 1.

IB Plc’s latest increase in beer and other SKUs upward review adjustments in its prices will be its fifth this year’s alone, at a period Nigerians are lamenting hardship fueled by the continue rising in inflation rate.

The company in a memo signed by its Head of Sales, East, Mr. Olaleye Abimbola, directed all its trade partners to comply  with the new price upward adjustments, beginning from June 1, citing current market realities behind the reason for the review, mostly inflationary pressures.

The  memo titled: ‘Price Review Notification,’ quoted Abimbola  as saying: “We write wishing the best for you, your family and your business. This is to notify you, our valued business partner, that we are reviewing prices in our portfolio due to the current market realities, as we work to enhance our pricing models that ensures you are best served by us. “To this end, the review in the prices of our selected SKUs will take effect on the 1st of June.

“Find below the list of affected SKU’s: Eagle Lager RB 600mix12, Eagle Extra Stout RB 600mix12, Trophy Stout 600ml ×12, Beta Malt Can 330mix24, Beta Malt PET 250ml×24, Beta Malt PET 330mlx24, Ground Malt Can 330mix24, Ground Malt PET 250mlx24, Grand Malt PET 330mlx24. “We are confident that this decision will be prove beneficial to all our business partners.  “Similarly we urge you to honour the same pricing strategy we had in the previous months until these changes are announced and implemented. Thank you for your attention,” Abimbola added.

However, the new price adjustments did not go down well with its esteemed business partners who are complaining bitterly of where to get funds to comply with the new IB Plc’s prices and directive in the memo letter.

Specifically, the company’s distributors and trade partners are crying loud that the new interest rate of 22.5 per cent and Cash Ratio Rate (CRR) may scuttle their plans of approaching Nigerian banks for credits to adjust to IB Plc’s new price come June 1.