December 28, 2022/CSL Research
Many Nigerians were faced with what can be termed a gloomy Christmas due to the continuous rise in the prices of essential goods and services. The current petrol scarcity also resulted in a spike in intra-state and inter-state transport fares, compounding the pains of the masses in a season that is usually characterised by travels.
The Nigeria Labour Congress (NLC) in a Christmas message released on 23 December and signed by its President Ayuba Wabba, lamented the plight of the average Nigerian, and called for urgent action from the government. The NLC President noted that Nigerians are currently going through the dark tunnel of soaring inflation, heightened insecurity, and poor infrastructure. He urged the citizens to be deliberate in their participation in the forthcoming elections to ensure the right leader is voted into power.
One of the major problems facing the Nigerian consumer is the rising food inflation which was up to 24.13% in November 2022, 6.92% higher compared to 17.21% recorded in November 2021 according to the latest figures from the National Bureau of Statistics (NBS).
In its selected food prices watch report for November 2022, the NBS noted price increases on some food commodities. The average price of 1kg boneless beef on a year-on-year basis, increased by 29.00% from N1,812.03 recorded in November 2021 to N2,337.46 in November 2022. Average price of 1kg rice (local) increased on a year-on-year basis by 18.95% from N421.02 in November 2021 to N500.80 in November 2022.
The average price of 1kg of tomato on a year-on-year basis rose by 30.18% from N350.15 in November 2021 to N455.13 in November 2022. The average price of 1kg brown beans (sold loose) rose by 18.03% on a year-on-year basis from N490.19 recorded in November 2021 to N578.55 in November 2022.
Lastly, the average price of Palm oil (1 bottle) increased by 29.87% from N775.11 in November 2021 to N1,006.64 in November 2022. Another major problem citizens face during Christmas this festive period is the nationwide
petrol scarcity which has worsened with the festivities, resulting in a boom in the black market.
Many fuel stations remained shut during Christmas and petrol was selling for as high as N400/litre in the black market compared with the current pump price of N175/litre. This resulted in a sharp increase in transport fares reflected in the latest figures released by NBS, which showed that on a year-on-year basis, the average fare paid by commuters for bus journeys within the city per drop rose by 42.69% in 2022 from N446.50 recorded in November 2021 while the average fare paid by commuters for intercity bus journeys per drop rose to N3,848 in November 2022, a 45.53% hike from N2,644.50 in November 2021.
There was also an increase in air transport cost, with the average cost of airplane tickets in Nigeria rising from N37,022.97 in November 2021 to N73,267.57 in November 2022, an increase of 97.09%. The steady rise in commodity and transportation costs continues to push many Nigerians below the poverty line.
