Rice Prices Surge by 81% Year-on-Year, NBS Reports

Taiwo Ajayi
3 Min Read

The National Bureau of Statistics (NBS) released its Selected Food Price Watch for December 2023, revealing a significant increase in the year-on-year prices of essential food items.

According to the report, the cost of 1 kilogram (Kg) of rice soared by 81 percent, reaching N917.93 in December 2023, compared to N506.17 in the same period in 2022.

In addition to the surge in rice prices, the NBS disclosed that other food items also experienced notable year-on-year increases. The average price of 1kg of Beans brown (sold loose) rose by 48.5 percent to N870.67 in December 2023 from N586.14 in December 2022. The price of 1kg onion bulb increased by 122.9 percent year-on-year, reaching N971.86 in December 2023 from N435.93 in December 2022. Furthermore, the average price of 1kg of Tomato rose by 77.6 percent, standing at N814.16 in December 2023, up from N458.42 in December 2022.

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Meanwhile, the NBS’s Transport Fare Watch for December 2023 highlighted 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 year-on-year basis, it rose by 40 percent from N644.66 in December 2022.

For air travel, the average fare for specified routes in single journeys increased by 5.36 percent in December 2023, amounting to N85,692.12. On a year-on-year basis, this represented a 14.8 percent rise from N74,597.30 in December 2022. The average transport fare paid for Okada transportation was N419.73 in December 2023, showing a decline of 11.29 percent compared to November 2023 (N473.13). However, on a year-on-year basis, the fare decreased by 9.04 percent from N461.45 in December 2022.

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Water transport (waterway passenger transportation) also witnessed an increase in average fare in December 2023, rising to N1,386.76 from N1,352.70, indicating a 2.5 percent monthly increase. On a year-on-year basis, it surged by 34.77 percent from N1,029.00 in December 2022. The NBS report reflects the evolving economic landscape and its impact on essential commodities and transportation costs for Nigerian consumers.

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