The National Bureau of Statistics (NBS) Report Reveals Transportation Cost, a notable year-on-year (YoY) surge of 7.6% in average air travel fare, reaching N78,778 in October 2023 compared to N73,198 in October 2022, according to its Transport Fare Watch for the month.
The Report Reveals Transportation Cost that fares for bus and motorcycle (Okada) per drop, as well as waterway passenger transport journeys, also experienced an increase during the same period.
Interestingly, despite a month-on-month (MoM) rise of 12.82% in diesel prices and a 0.71% increase in fuel prices, transport fares across all modes of travel witnessed a decline on a MoM basis.
In air travel, the average fare paid by passengers for specified routes for a single journey showed a slight decrease of 0.30% compared to the previous month (September 2023). However, on a YoY basis, the fare rose by 7.62%.
For bus journeys within the city per drop, the average fare decreased by 16.48% from N1,337.80 in September to N1,117.30 in October 2023. Nevertheless, on a YoY basis, it recorded a substantial increase of 75.45%.
In intercity bus journeys per drop, the average fare declined to N5,885.68 in October 2023, indicating a 0.53% decrease on a MoM basis compared to September 2023. However, on a YoY basis, the fare rose by 53.04%.
The average fare for Okada transportation saw a significant 21.51% decrease in October 2023 compared to September 2023, settling at N507.30. On a YoY basis, it still reflected a 10.75% increase.
Waterway passenger transportation reported a monthly contraction of 0.79%, with the average fare decreasing to N1,395.68 in October 2023 from N1,406.84 in September. However, on a YoY basis, it witnessed a notable increase of 38.7%.
The NBS data highlights the complex dynamics influencing transportation costs, taking into account both month-to-month fluctuations and year-on-year trends, providing valuable insights into the evolving landscape of travel expenses in Nigeria.
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