Infostride News reports that PricePally, a prominent online grocery store operating in three Nigerian cities, has unveiled its inaugural Stew Index Report. This comprehensive analysis delves into the cost dynamics of stew ingredients, a staple in the Nigerian culinary landscape, in both Lagos and Abuja for the years 2022 and 2023.
According to the findings, Lagosians are now grappling with escalated costs when it comes to preparing a pot of stew. In 2022, the expense for stew ingredients in Lagos stood at ₦6,902. However, in 2023, this cost surged to ₦8,060, representing a substantial 16.77% increase within a single year.
To contextualize this data, the report highlights that a minimum wage earner in Lagos, earning ₦30,000, would need a staggering 106% of their salary to prepare stew once a week for an entire month in 2023. This striking figure aligns with a report from the National Bureau of Statistics (NBS), which designated Lagos as the most expensive state in Nigeria due to its soaring inflation rate.
The Stew Index Report further unveils that several economic factors, including the removal of fuel subsidies, cash scarcity, and the unification of the naira with foreign currencies, are the primary contributors to the adversarial impact on food pricing in 2023.
Luther Lawoyin, the CEO and co-founder of PricePally, pinpointed the ailing state of the logistics sector as an additional impediment to food pricing and affordability. He noted that the sector’s inefficiencies lead to substantial losses for farmers, who often lose over half of their harvest due to inadequate preservation during transportation.
Lawoyin expressed optimism about the Food Intervention Plan for Food Security initiated by the President in August 2023, viewing it as a positive stride toward addressing food insecurity. However, he emphasized the pivotal role of improving the rail system, stating that enhancing transportation infrastructure could significantly alleviate the challenges surrounding food pricing in Nigeria. Lawoyin asserted, “I believe we can cut down the cost of food by 25% or more if we dedicate some of our trains to food transportation,” as highlighted in the 2023 PricePally Stew Index Report.
In response to the ongoing food inflation crisis, PricePally, under the leadership of Luther Lawoyin, introduced a proactive initiative named Pricelock in December. This initiative allows consumers to pay a “lockdown fee,” typically ranging from ₦50 to ₦1000, in addition to the current food price. In return, participants receive the food they purchased at the locked-in price before December, effectively insulating them from potential price hikes.
As a part of their cost-saving campaign, PricePally is also offering a SAVESTEW discount code this month, enabling shoppers to realize significant savings when purchasing through their platform. This multifaceted approach aims to provide both short-term relief and long-term solutions for consumers grappling with the challenges of rising food prices in the current economic landscape. Infostride News remains committed to delivering comprehensive coverage of developments shaping the economic narrative in Nigeria and beyond.
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