Strategies for managing your food budget amid rising prices
As food prices continue to rise, many households are feeling the pinch. To help manage these increases, JOSEPHINE OGUNDEJI highlights some strategies to maximise your money on food while maintaining a healthy diets
Rising food prices have become a harsh reality for many households as the cost of groceries increases alarmingly, leaving many individuals and families struggling to make ends meet.
As a result, people are forced to make difficult choices between buying food and other essentials like housing, healthcare, and education.
The impact on low-income households is particularly severe, as they have to allocate a larger portion of their budget to food, leaving limited resources for other necessities, leading to reduced food consumption, compromised nutrition, and poor health outcomes. The financial strain is also causing increased stress and anxiety for many families.
The United Nations recently predicted that 82 million Nigerians, about 64 per cent of the country’s population, may go hungry by 2030, calling on the government to tackle climate change, pest infestations, and other threats to agricultural productivity.
The prediction comes in the wake of a persistent hike in food prices in the country.
According to the National Bureau of Statistics, Nigeria’s food inflation rate hit a record high of 40.66 per cent in May 2024, surpassing the previous month’s 40.53 per cent.
This surge represents the largest year-on-year increase in food prices since records began in 1996.
Historically, food inflation in Nigeria has averaged 13.42 per cent, with the lowest point of -17.50 per cent in January 2000.
In 2023, the Food and Agriculture Organisation predicted that no fewer than 2.6 million Nigerians in Borno, Sokoto, and Zamfara States, and the FCT may face a food crisis between June and August 2024.
According to a government-led Cadre Harmonisé analysis released in March 2024, approximately 4.8 million people in Borno, Adamawa, and Yobe States were experiencing severe food insecurity, the highest level in seven years.
A Senior Advocate of Nigeria, Olisa Agbakoba, also recently warned that a hunger riot might soon break out in Nigeria, calling on the Federal Government to act fast.
Speaking recently at the launch of CropWatch in Abuja, the Resident Humanitarian Coordinator of the Food and Agriculture Organisation, represented by one of the UN officials, Taofiq Braimoh, said the government, in collaboration with others, conducted an annual food security survey.
He said, “This year’s results are alarming: approximately 22 million Nigerians will face food insecurity in 2024, and around 80-82 million are at risk of severe food insecurity by 2030.
“Nigeria, like many countries, grapples with food insecurity, climate change, unreliable water patterns, pest infestations, and other threats to agricultural productivity. As an agrarian society, our farms’ success directly impacts food availability for our population. Leveraging technology is crucial to strengthening our agriculture sector and ensuring food security.”
The effects of rising food prices are far-reaching and have significant consequences for individuals, families, and communities. Food insecurity is on the rise, and many are struggling to access the nutritious food they need to lead healthy lives.
As prices continue to rise, it is essential to find ways to mitigate the effects and ensure that everyone has access to affordable and nutritious food.
Some of these strategies will help cope with the current high food prices:
Eat at home
A finance expert, Lisa Smith, wrote on Investopedia.com that during high food prices, one of the ways to cope was to dine at home.
“Dining out is an expensive proposition. Many of the meals that you pay for in a formal restaurant can be made at home for a fraction of the price. Even good coffee is cheaper to make if you do it yourself.
“Fast food is excluded from the category. While high-calorie, low-quality food can be had at a bargain price, the impact on your long-term health overrides the benefit of short-term savings,” she said.
Shop with a plan
Smith added, “If you stumble around the grocery store and fill your cart with everything that catches your eye, you’ll spend more than if you prepared a shopping list in advance.
“Plan your meals for the week ahead and make careful note of what ingredients you need to prepare those dishes. Once the list is made, purchase only the items on the list and avoid impulse buys.”
Keep your kitchen stocked
A Lagos-based economist, Babatunde Abrahams, advised individuals to keep their kitchen stocked to avoid buying staples frequently.
He said, “A well-stocked kitchen means that you won’t run out of staple items and need to buy them on the spur of the moment. Knowing what you have in the kitchen cabinet means that you can wait to make your purchases until items are on sale.
“In summary, stocking the kitchen or making bulk purchases means you will be able to reduce the number of trips that you make to the market every day or week. Stocking up reduces the odds of unnecessary purchases.”
Have a garden
Although this is not a quick solution, it is a way to stop spending too much on food and save more money in the long run.
“Obviously, families living in the rur0 areas have more gardening options than those living in suburban or urban areas. Families with limited or small outdoor spaces should look for resources on urban gardening,” Smith noted.
Meanwhile, if you have a large garden but cannot farm, experts say you can partner with a farmer and share the produce every time you harvest.
On the other hand, if you do not own land to farm, you can help a farmer plant and then share the produce.
“Those who grow a large garden each year always seem to grow a surplus. Just in case you know someone who gardens faithfully, offer to help in the garden in exchange for produce. Many home gardeners are very happy to have the help and are likely going to be willing to share the produce,” Smith asserted.
Save on protein food
A food nutritionist, Kathleen Zelman, said when possible, one should substitute inexpensive vegetarian sources such as beans, eggs, tofu, and legumes for more expensive meat, fish, or poultry.
She said, “Eat vegetarian once a week or more to increase your consumption of healthy plant foods while saving money. Eggs are an excellent, inexpensive source of protein that can be eaten for breakfast, lunch, or dinner. You could also try using a smaller portion of meat, fish, or poultry and extending the dish with whole grains, beans, eggs, or vegetables.
“When you do buy meat, choose smaller portions of lean cuts. For example, lean cuts of beef are those that include the terms ‘loin’ or ‘round’ (You can tenderise lean cuts of meat mechanically or by marinating them).
“You can also buy a whole chicken and cut it up instead of paying the butcher to do it for you or buy the cheaper ‘family pack’ and portion it into airtight freezer bags.”
Don’t waste food
Zelman said before you toss perishable food into your grocery cart, think about exactly how you will use it, noting that organisations, such as the Environmental Protection Agency estimate that people generate millions of tonnes of food waste each year.
She asserted, “Using leftover vegetables, poultry, or meat in soups, stews, salads, and casseroles minimises cost and demonstrates your creativity in the kitchen.
“For example, have a roasted chicken for dinner one night and use the leftovers for dinner the next night. Try topping a bed of fresh greens with vegetables, fruits, and slices of leftover chicken. Add a loaf of whole-grain bread, and presto! You’ve got a nutritious meal in minutes. You can also eat leftovers for breakfast or take them with you to work for lunch.”
Think frozen, canned, or dried
Zelman suggested that next time one is gathering ingredients for a recipe, try using frozen, canned, or dried foods, describing that even though they may be less expensive than fresh, they are equally nutritious.
She posited, “Produce is typically frozen, canned, or dried at the peak of ripeness when nutrients are plentiful. Fish and poultry are often flash-frozen to minimise freezer damage and retain freshness.
“With frozen foods, you can use only the amount you need, re-seal the package, and return it to the freezer. If it’s properly stored, there is no waste.
“Canned foods are often sitting in a bath of juice, syrup, or salty water and usually require rinsing. Dried fruits are concentrated in flavour and a great substitute for fresh fruit. Also consider using powdered or evaporated versions of milk in soups, casseroles, mashed potatoes, or desserts. Buy the form that gives you the best price for your needs.”
Explore discounts
The Chief Executive Officer of Prudy’s Cuisine, Prudent Agbuza, said in the face of challenging economic conditions, maintaining a nutritious diet on a budget is not only possible but also crucial for overall well-being.
She conveyed the idea that maintaining a healthy diet did not necessarily have to be costly.
She emphasised that through making intelligent choices, being open to experimenting with new meals, and implementing strategic planning, one can adequately nourish them without incurring excessive expenses.
According to Agbuza, exploring local markets, discount stores, or farmer’s markets for fresh produce at lower prices compared to supermarkets was essential.
“Don’t forget to take advantage of sales, and discounts, to save on shopping expenses. Eating healthily on a budget requires planning, creativity, and resourcefulness.
“By making informed choices, prioritising essential nutrients, and being mindful of expenses. It’s possible to maintain a nutritious diet despite economic challenges, ensuring both physical health and financial well-being,” she noted.
Minimise purchase of snacks, others
A Lagos-based nutritionist, Damilola Oyetunde, said now was not the time to spend huge on snacks, advising households to spend the money they would normally spend on snacks on soups or other main food items.
She said, “Some weeks ago, I started tracking what I bought and what I spent on certain types of food. My biggest surprise was how much my family was spending on snack foods. Snacks and beverages are costly and often cost more than the main meals.
“Not only did snacks hurt our wallets, but they also were not good for the waistline. So we cut out 95 per cent of the snacks and just don’t keep them around anymore. Everyone is currently fine with the main meals I cook.
“The only snacks I buy for the time being are biscuits for my children, and I only give them when they are really hungry. I don’t think it’s a crime for anyone to be frugal in these times.”
