Price Of Rice Up 81% In 1 Year, Onions Rise 123% – NBS Report

The National Bureau of Statistics (NBS) has revealed a substantial rise in food prices, according to its Selected Food Price Watch for December 2023.

– Rice: The price of 1 kilogram of rice surged by 81% year-on-year, reaching N917.93 in December 2023 compared to N506.17 in the same period of 2022.

– Beans (brown, sold loose): The average price for 1 kilogram rose by 48.5% YoY, reaching N870.67 in December 2023, up from N586.14 in December 2022.

– Onion Bulb: Experiencing a significant increase, the average price for 1 kilogram rose by 122.9% YoY, reaching N971.86 in December 2023, compared to N435.93 in December 2022.

– Tomato: The average price for 1 kilogram rose by 77.6% YoY, reaching N814.16 in December 2023, up from N458.42 in December 2022.

The NBS also reported an increase in transport fares for bus, motorcycle (Okada), air, and water transport journeys during December 2023, according to its Transport Fare Watch released yesterday.

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.”