Lagosians spend 106% of their salary to prepare stew in 2023, 32% higher than in 2022, PricePally 2023 Stew Report shows

At 30.64%, Nigeria has the eighth-highest food inflation in Africa, pushing more Lagosians to spend a significant portion of their income on food.

PricePally, an online grocery store operating in three Nigerian cities released the inaugural Stew Index Report, which analyzed the cost of stew ingredients an everyday Nigerian delicacy in Lagos and Abuja in 2022 and 2023.

The report revealed that Lagosians are paying premium fees to prepare a pot of stew.

In 2022, stew ingredients cost ₦6,902 in Lagos. In 2023, the cost of preparing stew in Lagos reached ₦8,060, a 16.77% increase.

To put the data in perspective, a minimum wage (₦30,000) earner in Lagos needs at least 106% of their salary to prepare stew once a week for a month in 2023. The Stew Index tallies with the report from the National Bureau of Statistics (NBS), which labelled Lagos as the most expensive state in Nigeria after experiencing the highest inflation rate.

The Stew Index Report also revealed that fiscal policies, including fuel subsidy removal, cash scarcity, and the unification of the naira with foreign currencies, are the main antagonists affecting food pricing in 2023.

Luther Lawoyin, the CEO and co-founder of PricePally, also highlighted the ailing logistics sector as another food pricing and affordability blocker, causing farmers to lose over half of their harvest because of poor preservation during transportation.

Luther welcomed the Food Intervention Plan for Food Security enacted by the President in August 2023 as a positive step toward curbing food insecurity. However, he believes improving the rail system will positively impact food pricing in Nigeria. “I believe we can cut down the cost of food by 25% or more if we dedicate some of our trains to food transportation,” he explained in the 2023 PricePally Stew Index Report.

In the meantime, Luther and PricePally launched Pricelock to insulate families from the ongoing food inflation in December. The initiative allows you to pay a “lockdown fee,” usually ₦50–₦1000, in addition to the current food price before December, when you’ll receive the food you bought.

The cost-saving campaign helps you secure future food at today’s prices. You can also save big this month using the SAVESTEW discount code when you shop on PricePally.

About PricePally

PricePally is an online grocery store that provides farm-fresh food and household supplies at affordable prices. The company’s mission is to provide access to high-quality food and household supplies with the utmost efficiency. Currently, PricePally operates in three Nigerian cities—Lagos, Abuja, and Port Harcourt.

As part of PricePally’s vision to increase food affordability, PricePally launched a food intervention initiative in August 2023 to fight hunger.

For more information, please visit our website at pricepally.com

Contact: comms@pricepally.com

News Credit: Nairametrics