There are certain things that are considered essential to life—food, clothing and shelter.
However, in recent times, one of these has gravely affected households and food businesses alike. With inflation in Nigeria reaching a record high of 28.92%, and Ghana’s slightly lower at 23.2% as reported by Business Day, managing costs and staying profitable isn’t as easy as it was before.
Vendease is deeply invested in the growth of your business. Our success is tied to yours, and we’re committed to helping you thrive. In this edition of the Vendease Digest, we’ll dive into current food price trends and equip you with strategies to stay profitable.
Food inflation in Nigeria is at an all-time high of 33.93% and 28.7% in Ghana, and this is reflected in the prices of food supplies like King’s Vegetable Oil, Golden Penny Flour, and Aeroplane Basmati Rice, each increasing over 50% in the last three years. These are all crucial supplies for many meals on restaurant menus, so how do you navigate food inflation? There are two simple answers.
Bulk Purchasing
Over the past 3 months, prices of food items have increased by anywhere from 1% to a whole 20%, and bulk purchasing is the perfect solution to save your business some operation costs. With bulk buying, you get to lock in the prices of the supplies you need the most for a period of time.
Vendease makes it extremely easy for you to procure everything you need at the best prices, all in one place. Our efficient logistics system also ensures you receive your order within a 24-hour window, reducing your per-unit costs and maximizing your time.
Data Insights
In everything, and especially in business, data-backed strategies perform best. But where can food businesses get this data? Our monthly market insights report analyses past and current trends and even predicts future fluctuations. This report equips you with easy-to-understand insights to help you make informed decisions for your business.
Food inflation might be rising, but it shouldn’t keep your business from succeeding.. We’re offering you the tools and insights you need to thrive in this challenging market. So download our January market insights report right away!
