Cost of preparing beef stew in Lagos more than doubles in 16 months: Report

The cost of preparing a pot of beef stew in Lagos, Nigeria’s commercial capital, surged by 121.1 percent in 16 months, according to the latest stew index report.

The report by Pricepally Nigeria Limited, an online grocery store, revealed that the cost of the common delicacy among many households increased to N17,817 in 2024 (January -September) from N8,060 in the same period a year earlier.

This means a Nigerian earning the new minimum wage of N70,000 can only cook a pot of beef stew four times a month.

“Stew ingredients have recorded massive price surges since the turn of the year. The inflation isn’t the problem. The rate of inflation is. Generally, a little inflation is ideal for a stable economy, with the figure pitched at about two percent inflation,” the report said.

It added that the findings of the index report show more disproportionate figures and that the hike in food prices is telling on all stakeholders—farmers, traders, and consumers.

“In June, a wave of grouches swept across the public as individuals desisted from purchasing tomatoes at ridiculously high prices. With time, tomato prices dipped, but the general inflation concern  persists.”

The retailer surveyed staple foods prices across multiple markets in Lagos  including Ajah, Mile 12, Mushin, and Oyingbo. 

Apart from beef, other stew varieties also experienced price hikes. The price of pot of chicken stew increased by N7,085 to N15,034. Similarly, the cost of preparing turkey stew and goat meat stew increased from N7,966 and N8,227 respectively to N17,987 and N20,817.

Stew ingredients have recorded massive price surges since the turn of the year, authors of the report say.

“The hike in food prices is telling on all stakeholders—farmers, traders, and consumers. In June a wave of grouches swept across the public as individuals desisted from purchasing tomatoes at ridiculously high prices. With time, tomato prices dipped, but the general inflation concern persists,” they said.

Food inflation rate in Africa’s most populous nation, averaged 39.1 percent last year, up from 27.8 percent in 2023. High inflationary pressures have eroded consumers’ purchasing power, reduced demand and pushed millions of people into the poverty net. According to the World Bank, an estimated 14 million Nigerians fell into poverty in 2024.

The government has implemented various measures to address inflation, including monetary policy tightening and exchange rate adjustments. However, the impact of these measures has been limited so far, and inflation remains a significant challenge for the country.

Beyond its analysis of numbers, the stew report emphasises the broader implications for food security in Nigeria. 

“With hunger rates climbing and stunting in children under five on the rise, the high cost of preparing everyday meals reveals a stark disconnect between policy efforts and lived realities.”

Pricepally recommends improving the state of agriculture requires a collaborative effort between the government and non-government stakeholders—consumers, sellers, and distributors. 

“This partnership will aid the implementation. Last year we noted that a lack of sustainable food collection and distribution,” it added.