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

“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.”