Economy
International Breweries Announces Price Hike Amid Market Challenges
International Breweries Plc has announced an increase in the prices of its products in response to current market conditions. The adjustment affects several popular offerings, including Eagle Lager, Eagle Extra Stout, Trophy Stout, Beta Malt, and Grand Malt.
The company stated that the price review is necessary to better serve its customers amidst ongoing economic challenges. Olaleye Abimbola, the Head of Sales, expressed confidence that the decision will ultimately benefit all stakeholders. Abimbola also urged partners to maintain the old pricing strategy until the new prices are fully implemented.
This marks the second price hike by International Breweries within a year. The company recently reported a forex-related loss of N162.2 billion in its first-quarter financials. The brewing industry in Nigeria has been significantly affected by inflation, foreign exchange instability, and escalating production costs, prompting widespread price adjustments across the sector.
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