The cost of a 50kg bag of cement has surged to around N13,000 in numerous retail stores in the Federal Capital Territory and Enugu, reflecting the impact of inflation in the country. headlinenews.news findings reveal that the factory price for retailers was initially N8,500, but the price hike is attributed to wholesalers reselling to retailers and the escalating inflation rates. Checks in various areas indicate a continuous increase in price since December 2023, with no sign of abating. Real estate developers note the concerning rise, affecting sandcrete block prices and forcing block makers to revise their rates. Prices of other building materials have also surged, influenced by factors like foreign exchange, transport, and logistics costs. The spike in reinforcement prices is a significant concern, posing risks to building integrity.
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