Transport fares continued to increase across different modes of transportation in January 2023. According to the National Bureau of Statistics report on transportation in January, the average fare paid by commuters for buses within the city per drop increased from N644.66 in December 2022 to N650.70 in January 2023.
March 30, 2023
Nigeria Economic Update(Issue 9)
Related
Nigeria Economic Update (Issue 18)
Inflation
rate continued its upward trajectory in the week under review. Specifically,
the Consumer Price Index (CPI) increased by 1.39 per cent, from 11.38 per cent
in February to 12.77 per cent in March, 20161. Remarkably, this is the
highest rate since July 2012, representing a 4-year high. While both components
of the CPI rose in the period, the food sub-index was largely the main driver
of the increase in the CPI, with a growth rate of 1.39 per cent between
February and March. The persistent scarcity in petroleum products, especially
Premium Motor Spirit (PMS), has increased transportation costs and the price of
food items.