The National Bureau of Statistics (NBS) report shows that a 22.12 per cent rise in intercity transport fares pushed the price of some essential food items above 100 per cent in the last one year.
The NBS report that the average fare paid by commuters for bus journey intercity per drop was N7,187.62 in October 2024, this is a 22.12 per cent increase from N5,885.68 in October 2023.
Within the same period, according to NBS, the average price of 1kg beans brown (sold loose) rose by 254.23 per cent from N790.01 in October 2023 to N2,798.50 in October 2024.
Other food items that experienced significant prices rises during the period include, Agric eggs medium size (12 piece) which the price increased by 140.21 per cent from N1,112.22 in October 2023 to N2,671.60 in October 2024, bread (sliced) by 103.76 per cent from N760.82 in October 2023 to N1,550.24 in October 2024, local rice sold loose went up by 137.32 per cent from N819.42 in October 2023 to N1,944.64 in October 2024, also, the average price of 1kg of beef boneless increased by 98.73 per cent from N2,948.03 in October 2023 to N5,858.58 in October 2024.
On a month-on-month basis, these food items also experienced price increases. For example, one kilogramme of beans rose by 2.19 per cent rise in price from N2,738.59 in September 2024 to N2,798.50 in October 2024; price of egg rose by 7.42 per cent from N2,487.04 in September 2024 to N2,671.60 in October, while sliced bread rose by 1.44 per cent from N1,528.19 in September 2024 to N1,550.24 in October 2024.
NBS also reports that the average transport fare paid by commuters for bus journeys within the city per drop increased to 0.98 per cent from N899.31 in September 2024 to N908.15 in October 2024.
In air travel, the average fare paid by air passengers for specified routes single journey was N126,293.05 in October 2024, showing an increase of 1.28 per cent when compared to previous month (September 2024). On a year-on -year basis, the fare rose by 60.31 per cent from N78,778.38 in October 2023.
For Okada transportation, the fare rose from N532 in September 2024 to N535.98 in October 2024 showing an increase of 0.75 per cent.
In May 2023, the average fare for an intercity bus journey was N4,002.16. This quickly jumped to N5,686.49 in June 2023 following the announcement of the removal of fuel subsidy by the President on May 29 2023. Since then, transport fares have continued to rise and so has the prices of staple food items, pushing food inflation to 39.16 per cent in October 2024.