*Inflation Hits Food Prices: Rice, Beans, Onions, and Tomatoes Surge, Reveals National Bureau of Statistics*

*Inflation Hits Food Prices: Rice, Beans, Onions, and Tomatoes Surge, Reveals National Bureau of Statistics*

The National Bureau of Statistics (NBS) reported a significant surge in food prices for December 2023, unveiling a concerning trend in the nation's economic landscape. According to the NBS Selected Food Price Watch, the cost of 1 kilogram (Kg) of rice witnessed an alarming 81 percent year-on-year increase, soaring to N917.93 from N506.17 in December 2022.

The NBS disclosed these figures yesterday, highlighting the distressing climb in food prices. Notably, the average price of 1kg of Beans brown (sold loose) rose by 48.5 percent YoY to N870.67, while the price of 1kg onion bulb skyrocketed by 122.9 percent YoY to N971.86. Additionally, the average price of 1kg of Tomato experienced a 77.6 percent YoY increase, reaching N814.16.

In tandem with the food price surge, the NBS Transport Fare Watch for December 2023, released yesterday, reported increased fares for various modes of transportation. Bus, motorcycle (Okada), air, and water transport journeys all experienced fare hikes.

For bus journeys within the city per drop, the average fare paid by commuters declined 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.

Air travel also saw an uptick in fares, with the average fare paid by air passengers for specified routes in single journeys reaching N85,692.12 in December 2023, reflecting a 5.36 percent increase compared to the previous month. On a YoY basis, this fare rose by 14.8 percent from N74,597.30 in December 2022.

Meanwhile, Okada transportation witnessed a decline in average fare, dropping by 11.29 percent from November 2023 (N473.13) to N419.73 in December 2023. On a YoY basis, the fare declined by 9.04 percent compared to December 2022 (N461.45).

Water transport, specifically waterway passenger transportation, experienced an average fare increase to N1,386.76 in December 2023 from N1,352.70, indicating a 2.5 percent monthly rise. On a YoY basis, the fare surged by 34.77 percent from N1,029.00 in December 2022. The combination of rising food and transport costs raises concerns about the overall economic impact on consumers.

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