In December 2023, the National Bureau of Statistics (NBS) reported significant year-on-year increases in the prices of essential food items, adding to the economic challenges faced by Nigerians. According to the NBS Selected Food Price Watch, the price of 1 kilogram of rice surged by 81 percent to N917.93 compared to N506.17 in December 2022.
The report further highlighted substantial YoY price hikes in various food categories. The average cost of 1 kilogram of loose brown beans rose by 48.5 percent to N870.67, onion bulbs increased by 122.9 percent to N971.86, and tomatoes saw a surge of 77.6 percent to N814.16 in December 2023, compared to the same period in 2022.
Additionally, the NBS Transport Fare Watch for December 2023 revealed an overall increase in transport fares for bus, motorcycle (Okada), air, and water transport. Commuters experienced a 13.83 percent drop in average bus fares within the city per drop, amounting to N902.70. However, on a YoY basis, there was a 40 percent rise from N644.66 in December 2022.
Air travel saw a 5.36 percent increase in the average fare, reaching N85,692.12 for specified routes, compared to November 2023. On a YoY basis, the fare rose by 14.8 percent from N74,597.30 in December 2022.
For motorcycle (Okada) transportation, the average fare decreased by 11.29 percent to N419.73 compared to November 2023. On a YoY basis, the fare declined by 9.04 percent from December 2022 (N461.45).
Water transport (waterway passenger transportation) recorded an average fare increase of 2.5 percent on a monthly basis, reaching N1,386.76 in December 2023. On a YoY basis, there was a substantial increase of 34.77 percent from N1,029.00 in December 2022.
