Economy: Food prices skyrocket amidst rising transport fare

Analysts project worse food price pressures for 2022

The prices of food rose Year-on-Year (YoY) amidst rising transport fare in September.

Analysis of the National Bureau of Statistics, (NBS), selected food price watch data for September 2021 showed that the prices of rice, egg, garri, and tomatoes rose during the period.

Similarly, the NBS Transport fare watch data revealed that the prices of transport fare paid for the bus, air, water and motorcycle journeys rose sharply YoY in September, 2021.

Analysis of food prices data showed that the average price of 1 dozen of agric eggs/medium size increased YoY by 25.84 to N604.99 in September 2021, from N480.76 in Sept, 2020.

Similarly, the average price of 1kg of rice local, sold loose increased YoY by 4.95% to N410.01, from N390.68.

The average price of 1kg of rice imported high quality, sold loose rose YoY in September, 2021 by 5.94% to N546.77 from N516.13 in September, 2020. The average price of 1kg of tomato increased YoY in September, 2021 by 19.28% to N342.25, from N286.92 in September, 2020.

Also, the average price of 1kg of Garri white, sold loose increased YoY by 27.91% to N301.58 in September, 2021 from N235.77 in September, 2020.

While the average price of 1kg of Garri yellow, sold loose increased YoY by 27.91% to N322.44 in September, 2021 from N263.57 in September, 2020.

Data on transport fare showed that the average fare paid by commuters for bus journeys within the city rose by 40.56% YoY to N435.36 in September, 2021, from N309.73 in September, 2020.

Similarly, the average fare paid by commuters for bus journey intercity rose by 20 percent YoY to N2,620.90 in September, 2021, from N2182.45 in September, 2020.

The average fare paid by commuters for journeys by motorcycle per drop increased by 39.56% YoY to N306.61 in September 2021, from N219.70 in September, 2020.

The average fare paid by commuters for journeys by waterway rose by 15.64% YoY to N849.06 in September 2021, from N734.26 in Sept. 2020.

The average airfare charge for specified single route journeys increased by 0.10% to N36,922.37 in September, 2021, from N36,805.41 in September, 2020.

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