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Food Inflation Soars: Rice Prices Surge By 81% And Onions Skyrocket By 123% In Just One Year
Food Inflation Soars: Rice Prices Surge By 81% And Onions Skyrocket By 123% In Just One Year
In December 2023, the National Bureau of Statistics (NBS) revealed that the year-on-year (YoY) increase in the price of 1 kilogram (Kg) of rice was significant, surging by 81 percent to N917.93 compared to N506.17 in December 2022…….CONTINUE READING
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The Selected Food Price Watch by the NBS also highlighted other substantial YoY increases in food prices. The average price of 1kg of Beans brown (sold loose) rose by 48.5 percent YoY to N870.67, up from N586.14 in December 2022. Similarly, the average price of 1kg onion bulb increased by 122.9 percent YoY, reaching N971.86 in December 2023 from N435.93 in December 2022. Additionally, the average price of 1kg of Tomato rose by 77.6 percent YoY, reaching N814.16 compared to N458.42 in December 2022.
In the Transport Fare Watch for December 2023, the NBS reported increases in transport fares for various modes of transportation. The average fare for bus journeys within the city per drop decreased by 13.83 percent from N1,047.64 in November to N902.70 in December 2023. However, on a YoY basis, it rose by 40 percent from N644.66 in December 2022.
For air travel, the average fare for specified routes single journey was N85,692.12 in December 2023, showing an increase of 5.36 percent compared to the previous month (November 2023). On a YoY basis, the fare rose by 14.8 percent from N74,597.30 in December 2022.
The average transport fare paid on Okada transportation was N419.73 in December 2023, marking an 11.29 percent decline compared to the value recorded in November 2023 (N473.13). On a YoY basis, the fare decreased by 9.04 percent compared to December 2022 (N461.45).
In water transport (waterway passenger transportation), the average fare paid in December 2023 increased to N1,386.76 from N1,352.70, indicating a 2.5 percent monthly increase. On a YoY basis, it surged by 34.77 percent from N1,029.00 in December 2022.
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