How Inflation Triggers High Transportation Fares In February-NBS

Following the Average price, Nigerians pay for transportation in 2022 skyrocketed in February, the latest report by the National Bureau of Statistics (NBS) has revealed.

The rise could be attributed to the scarcity of petroleum products in the month which led to a hike in the prices of commodities and transportation fares.

The report documented bus journeys within cities, intercity and state route charges per person; airfare charges for specified routes single journey and journey by motorcycle (Okada) per drop; and waterway passenger transport.

NBS stated that there was a moderate rise in transport fares in January, but the figure increased substantially in February and dropped slightly in March. However, when the figures are compared to the previous year, there was an average of 25 per cent addition to transport fares.

The report stated that there was a moderate increase in January as commuters had to pay an average increase of 0.26 per cent airfare for a single route from N38, 253.35 in December 2021 to N38,352.19 in January 2022. But on a year-on-year basis, the fare rose by 5.18 per cent from N36, 463.65 in January 2021 to N38, 352.19 in January 2022.

Also, bus journeys for intercity stood at N2,801 in January 2022, an increase of 0.59 per cent month-on-month when compared to the value of N2,784 in December 2021. But there was a 19.39 per cent year-on-year increase from N2, 346.41 in January 2021 to N2,801.34 in January 2022.

Similarly, the average fare paid by commuters for bus journeys within the city per drop increased by 1.18 per cent; month-on-month from N470.83 in December, 2021 to N476.39 in January, 2022. While a journey by motorcycle per drop increased by 2.58 per cent month-on-month from N332.37 in December 2021 to N340.94 in January 2022. The fare paid for water transport in January 2022, stood at N888.24; showing an increase of 0.77.

For February, the air fare increased by 16.88 per cent on a month-on-month basis from N38, 352.19 in January 2022 to N44,825.04 in February. On a year-on-year basis, it increased by 22.95 per cent (N36,458.11) in February 2021.

Intercity transportation stood at N3, 106.72 in February 2022, an increase of 10.90 per cent from the N2, 801 in January. While it rose by 30.93 per cent (N2,372.87) year-on-year in February 2021.

Bus journeys within the city per drop increased by 5.00 per cent on a month-on-month from N476.39 in January 2022 to N500.20 in February 2022. But commuters had to pay a 38.44 per cent from N361.31 in February 2021 to N500.20 in February 2022.

For motorcycle per drop, there was an increase of 11.20 per cent month-on-month from N340.94 in January to N379.12 in February 2022, while it rose by 42.13 per cent from N266.74 in February 2021 to N379.12 in February 2022. Water transport also increased to N913, a 2.80 per cent month-on-month but 15.0 per cent from N794.02 in February, 2021 to N913.13 in February, 2022.

In March, air fare increased by 4.43 per cent month-on-month from N44,825.04 in February 2022 to N 46,810.62 in March 2022. On a year-on-year basis, the fare rose by 28.26 per cent (N36,495.41) in March 2021.

The average fare paid by commuters for bus journey intercity per drop rose to N3,270.94 in March 2022, indicating an increase of 5.29 per cent on a month-on-month compared to the value of N3,106.72 in February 2022. The fare, however, rose by 35.65 per cent (N2,411.29) year-on-year in March 2021.

Similarly, the average fare paid by commuters for bus journeys within the city per drop increased by 4.41 per cent on a month-on-month from N513.72 in February 2022 to N536.35 in March 2022. In terms of year-on-year, however, the average fare paid by commuters for bus journeys within the city per drop rose by 42.17 per cent from N 377.27 in March 2021 to N536.35 in March 2022.