Nigerians feeling the pinch: “Shrinkflation” shrinks wallets

Have you ever reached for your favourite garri for eba, ready for a delicious meal, only to find there’s less inside? That’s shrinkflation at work. It is like a clever thief shrinking the amount of food you get without raising the price. While it might seem like a small thing, it’s a big problem for Nigerians already struggling with high costs. “Shrinkflation” means you get less garri, beans, or whatever you need for your next meal, making it even harder to stretch your money and feed your family. This small change adds up to a big burden for many Nigerians.

The price of food in Nigeria is very high. One yam now costs N6,500! Beans are also expensive, with a small bag costing N140,000. Rice is even more expensive, with a long-grain bag costing N80,000. Even meat like chicken and turkey is becoming too expensive for many people. This means Nigerians are getting less food for their money, which is making them worried.

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In all its ramifications, this is not just a problem for the wealthy. Average Nigerians, who once relied on buying in bulk to save, are hit hardest. Their hard-earned salaries can’t keep pace with the shrinking sizes and rising prices, making it a struggle to put food on the table.

These hardships come on top of already crushing inflation. In June 2024, inflation soared to a staggering 34.19 percent, with food inflation hitting a gut-wrenching 40.87 percent, according to the National Bureau of Statistics. With incomes stagnant, Nigerians are forced into impossible choices, having to cut back on essentials just to make ends meet.

“With incomes stagnant, Nigerians are forced into impossible choices, having to cut back on essentials just to make ends meet.”

But shrinkflation is not the only villain in this story. Unethical practices by some food vendors, particularly concerning rice, paint a worrying picture. A recent survey uncovered shocking tactics: repackaging lower-quality rice, blending it with premium grains, and selling it all for top dollar. Even worse, some mix three types of rice in a single bag, burying the cheap stuff at the bottom and hiding it with a thin layer of high-quality rice on top. This blatant disregard for consumer safety is outrageous.

Is the government turning a blind eye? While some sellers blame economic hardship for shrinking portions, their actions suggest a more sinister motive. Inflating the price of adulterated food is not just bad business; it’s a betrayal of consumer trust.

One food vendor near Ikoyi shared the pain. “Prices are brutal,” she lamented. “Despite the higher costs, I haven’t changed my recipes. But I had to stop selling cow legs—it’s N9,000 now, from N3,000! Even making a small profit on goat meat is a struggle.” It’s a story echoed by many—a struggle for both sellers and customers.

A working mother, Mrs. Esther Abayomi, feels the squeeze. “Shrinkflation is a nightmare for working moms like me,” she says. “Bulk buying used to save money, but now I get less for more. It’s like my money evaporates every time I go shopping.”

Dr. Aisha Bello, a healthcare professional, raises another critical point. “Rising medical supply costs threaten patient care,” she explains. “It is not just affordability; it impacts access to essential healthcare. Hospitals and insurance get strained, leaving patients with a heavier financial burden.” Dr Bello highlights the need for a more comprehensive approach to measuring inflation, one that considers both price increases and shrinking sizes. This is crucial for crafting effective policies to protect consumers.

Read also: Food crisis may further amplify Nigeria inflation-NESG

Shrinkflation is not just a problem for working families; it is impacting everyone. Adeolu, a furniture maker, sees his savings dwindling. “Every naira counts now that I’m not as busy,” he sighs. “The rising cost of everything feels like a step backward. It is scary to think what will happen if prices keep going up and sizes keep shrinking.”

Prioritising transparency in food pricing is crucial. Businesses must clearly explain any price increases and the reasoning behind them. This allows consumers to make informed choices and fosters trust in the marketplace. Collaboration between businesses and policymakers is essential. Together, they can establish fair pricing structures and address the underlying factors contributing to inflation.

Turning a blind eye to shrinkflation only exacerbates the existing economic disparity. By offering less product for the same price, it disproportionately impacts low-income families who struggle with already stretched budgets. This widens the economic gap and hinders overall progress towards a more prosperous Nigeria.

The time for collective action is now. We need a united front—businesses, policymakers, and consumers—to tackle this pressing issue. Open communication, fair pricing practices, and addressing the root causes of inflation are vital steps towards building a more equitable future for all Nigerians. By working together, we can ensure everyone has access to affordable food and a chance to thrive.