Airfare Sees 34.06% Year-On-Year Increase, Food Prices Continue to Rise – NBS

The National Bureau of Statistics (NBS) has revealed that airfare paid by air passengers for a single journey has experienced a significant increase of 34.06% within one year. According to the NBS report titled “Transport Fare Watch May 2023,” airfare rose from N55,906.86 in May 2022 to N74,948.78 in May 2023. This surge highlights the mounting cost of air travel for passengers.

The NBS also released another report titled “Selected Food Price Watch for May 2023,” which indicates that food prices continued to rise throughout May this year. The report highlights that monthly, the fare increased by a minimal 0.002% from N74,947.30 in April 2023. On a year-on-year basis, the fare rose by 9.09% from N3,668.64 in May 2022.

In terms of air travel, the average fare paid by air passengers for specified routes on a single journey saw a slight increase of 0.002% from N74,947.30 in April 2023 to N74,948.78 in May 2023. However, when compared to the same period last year, the fare experienced a substantial surge of 34.06% from N55,906.86 in May 2022.

The NBS report also sheds light on transportation via motorcycles, commonly known as Okada. It reveals that the average fare paid for Okada transportation in May 2023 was N464.55, showing a 0.49% increase from the rate recorded in April 2023, which stood at N462.29. On a yearly basis, the fare rose by 11.30% compared to its value in May 2022, which was N417.39.

These statistics reflect the ongoing trends in transportation costs and food prices in Nigeria. The rise in airfare may pose challenges for travelers, as it becomes increasingly expensive to fly. Moreover, the continuous increase in food prices adds to the burden faced by consumers, impacting their purchasing power and overall cost of living.

the authorAV1 NEWS

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