Food prices, transport fares soar yearly – NBS

National Bureau of Statistics (NBS) Food Price Watch for January 2023 has indicated that prices of food items in the country continued to soar on a yearly basis.

This is also as the agency’s reported that on average domestic airfare paid by passengers has increased by 94.78 percent in the past 12 months.

The NBS report on food prices published on its NBS website showed that grains, meat, including vegetables prices have soared year-on-year.

“Selected Food Price Watch for January 2023 shows that the average price of 1kg Beef boneless stood at N2,418.91 in January 2023.”

According to the Bureau, this indicates that on a year-on-year basis, the price rose by 29.72% from the value recorded in January 2022 (N1,864.70), and 1.75% on a month-on-month basis from N2,377.29 in December 2022.

Meanwhile, the average price of 1kg Beans brown, sold loose increased on a year-on-year basis by 19.06% from N498.85 in January 2022 to N593.96 in January 2023, it said.

“On a month-on-month basis, the average price of this item increased by 1.33% in January 2023.”

In addition, the average price of 1kg of Rice (locally sold loose) on a year-on-year basis rose by 19.67% from N430.21 in January 2022 to N514.83 in January 2023.

“Also, on a month-on-month basis, it increased by 1.71% from N506.17 in December 2022.”

Similarly, the average price of 1kg of Onion bulb rose by 21.28% on a year-on-year basis from N368.10 in January 2022 to N446.44 in January 2023, the NBS added.

While on a month-on-month basis, the price rose by 2.41%.

In the same vein, “the average price of Vegetable oil (1 bottle) stood at N1,183.67 in January 2023, showing an increase of 28.55% from N920.76 in January 2022. On a month-on-month basis, it rose by 1.89% from N1,161.76 in December 2022,” the Bureau added.

Similarly, the NBS’s ‘Transport Fare Watch (January 2023),’ reported that airfares recorded a 0.16 percent increase on a month-on-month basis.

The Transport Fare Watch for January 2023 covers: Bus journey within the city per drop constant route; bus journey intercity (state route) charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport.

According to the report, local airfares rose from an average of N74,586.49 in December 2022 to N74,702.70 in January 2023.

“In air travels fare, the average fare paid by air passengers for specified routes single journey, increased by 0.16% on a month-on-month from N74,586.49 in December 2022 to N74,702.70 in January 2023. On a year-on-year, the fare rose by 94.78% from N38,352.19 in January 2022.”

Road Transportation

According to the NBS, the average fare paid by commuters for bus journeys within the city per drop increased by 0.94% in January 2023 on a month-on-month from N644.66 in December 2022 to N650.70. While on a year-on-year, however, the average fare paid by commuters for bus journeys within the city per drop rose by 36.59% from N476.39 in January 2022.

“In another category, the average fare paid by commuters for bus journey intercity per drop rose to N3,998.42 in January 2023 indicating an increase of 0.68% on a month-on-month compared to the value of N3,971.22 in December 2022. On a year-on-year, the fare prices rose by 42.73% from N2801.34 in January 2022.”

The average transport fare paid on motorcycle transportation, popularly called Okada was N466.25 in January 2023 which was 1.04% higher than the rate recorded in December 2022 (N461.45) on a month-on-month basis, the report added. “While on a year-on-year, the fare rose by 36.75% when compared with January 2021 (N340.94).”

The NBS added that the average fare paid for water transport (waterway passenger transportation) in January 2023 increased to N1,032.84, “showing an increase of 16.28% on a year-on-year basis from N888.24 in January 2022 and 0.40% on a month-on-month from N 1,028.73 in December 2022.