Soaring Prices: Rice Up 60%, Yam 45% Amidst Transport Fare Surge – NBS Report

The National Bureau of Statistics (NBS) released a recent report highlighting significant increases in the prices of essential food items, with local rice experiencing a 60.5% year-on-year hike, while yam and beans also saw substantial price rises, surging by 45% and 28%, respectively, in the same period.

According to the NBS’s ‘Selected Food Price Watch’ report for September 2023, the average price for one kilogram of loose local rice reached N757.06, signifying a sharp YoY increase from N471.42 in September 2022.

Furthermore, the report states that the cost of one kilogram of brown beans (sold loose) saw a notable rise of 28.76% YoY, soaring from N556.81 in September 2022 to N716.97 in September 2023. Similarly, the price of one kilogram of yam tuber surged by 45.11% YoY, escalating from N409.23 in September 2022 to N593.83 in September 2023.

In the same report, the NBS highlighted the increase in the price of boneless beef, which stood at N2,816.91 per kilogram, marking a 28.08% YoY price hike from N2,199.37 recorded in September 2022.

In its ‘Transport Fare Watch’ report for September 2023, the NBS pointed out that the average transportation costs for various modes, including bus, air, motorcycle (okada), and waterways, increased during the period.

For bus journeys within the city per drop, commuters experienced a slight 0.11% increase in the average fare, rising from N1,336.38 in August to N1,337.80 in September 2023. On a YoY basis, this fare rose significantly by 117.29% compared to N615.69 in September 2022.

Air travel showed a more modest YoY increase, with the average fare paid by air passengers for specified routes (single journey) reaching N79,013.48 in September 2023. This represented an 8.70% YoY increase from N72,690.54 in September 2022.

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The average transport fare for motorcycle (okada) transportation in September 2023 was N646.29, indicating a marginal 0.03% increase compared to the previous month (N646.12). On a YoY basis, this fare rose significantly by 48.66% compared to N434.73 in September 2022.

Water transport (waterway passenger transportation) saw a slight monthly increase of 0.01%, with the average fare rising to N1,406.84 from N1,406.74. On a YoY basis, this fare increased by 43.53% compared to N980.20 in September 2022.

When analyzing transportation fares by state, the report indicated that Abuja recorded the highest fare for intercity bus travel (state route charged per person fare) at N8,525.42, followed by Anambra at N8,055.00. Conversely, the lowest fare was recorded in Kwara at N3,520.16, followed by Zamfara at N3,750.13.

In the realm of air transport, Delta recorded the highest charges for specified routes (single journeys) at N87,000.90, followed by Enugu at N85,000.00. In contrast, Abia had the lowest fare at N70,000.10, followed by Niger at N73,000.00.

Moreover, Lagos State reported the highest motorcycle (okada) transport fare in September 2023 at N900.17, with Taraba following at N850.74.

These price increases in both food and transportation costs have significant implications for consumers and the overall economic landscape.

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