A new report has emerged showing that residents of Lagos now spend a significant portion of their income on groceries and food.
This is coming against the backdrop of the rising rate of inflation in the country and its effects on citizens.
According to a report by Sunday Vanguard gathered that stew ingredients in Lagos cost N6,902 in 2022 but rose to N8,060 in 2023, representing a 16.77 percent increase.
Meanwhile, a minimum wage earner in Lagos who gets N30,000 monthly would need at least 106 percent of their salary to prepare stew once a week for a month in 2023.
According to the inaugural Stew Index Report by PricePally, an online grocery, the price of meat has also significantly gone up with Lagos now the most expensive state in Nigeria.
The 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.
Commenting on the report, the Chief Executive Officer, and co-founder of PricePally Luther Lawoyin, said: “I believe we can cut down the cost of food by 25 percent or more if we dedicate some of our trains to food transportation.
“I also welcomes the Food Intervention Plan for Food Security initiated by the Federal Government in August as a positive step for curbing food insecurity.”
Sunday Vanguard
