Online grocery store PricePally has released its inaugural Stew Index Report, analyzing the cost of stew ingredients for the popular Nigerian dish in Lagos and Abuja for 2022 and 2023.
The report highlighted a significant increase in the cost of preparing stew in Lagos, with a 16.77% rise from ₦6,902 in 2022 to ₦8,060 in 2023.
To provide perspective, the report indicates that a minimum wage earner in Lagos (earning ₦30,000) would need at least 106% of their salary to prepare stew once a week for a month in 2023.
The Stew Index aligns with the National Bureau of Statistics report, identifying Lagos as the most expensive state in Nigeria due to the highest inflation rate.
The Stew Index Report attributes the rising food prices in 2023 to fiscal policies such as fuel subsidy removal, cash scarcity, and the unification of the naira with foreign currencies. Additionally, challenges in the logistics sector, leading to poor preservation during transportation, contribute to food pricing issues.
Luther Lawoyin, the CEO and co-founder of PricePally, advocated for rail system improvements to impact Nigeria’s food pricing positively.
The report also introduces Pricelock, an initiative allowing consumers to pay a “lockdown fee” to secure future food at current prices.
