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    Thursday, January 25, 2024

    Price of Rice Surge by 81% in 1 Year, Onions Rise 123%

    The price of 1 kilogram (Kg) of rice increased year-on-year, YoY, by 81 percent to N917.93 in December 2023 from N506.17 in the corresponding period of 2022.

    The National Bureau of Statistics, NBS, disclosed this yesterday in its Selected Food Price Watch for December 2023.

    NBS also said the average price of 1kg of Beans brown (sold loose) rose by 48.5 percent YoY to N870.67 in December 2023 from N586.14 in December 2022.

    Similarly, the average price of 1kg onion bulb rose by 122.9 percent YoY to N971.86 in December 2023 from N435.93 in December 2022.

    In addition, the average price of 1kg of Tomato rose by 77.6 percent YoY to N814.16 in December 2023 from N458.42 in December 2022.

    Meanwhile, the NBS in its Transport Fare Watch for December 2023 released yesterday said transport fare for bus, motorcycle (Okada), air and water transport journeys increased during the period.

    It stated: “The average fare paid by commuters for bus journeys within the city per drop declined to 13.83 percent from N1,047.64 in November to N902.70 in December 2023. “On a YoY basis, it rose by 40 percent from N644.66 in December 2022.

    “In air travel, the average fare paid by air passengers for specified routes single journey was N85,692.12 in December 2023, showing an increase of 5.36 percent while compared to 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 which declined by 11.29 percent when compared with the value recorded in November 2023 (N473.13).  On a YoY basis, the fare declined by 9.04 percent when compared with December 2022 (N461.45).

    “For water transport (waterway passenger transportation), the average fare paid in December 2023 increased to N1,386.76 from N1,352.70 which indicates an increase of 2.5 percent on a monthly basis.

    “On a YoY basis, it increased by 34.77 percent from N1,029.00 in December 2022.”

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