Nigerians Spend More on Energy, Transportation In December 2022 – Data Reveals

By Abdulwaheed Olayinka Adubi

According to the data from the National Bureau of Statistics (NBS), Nigerians spent more on the purchase of energy in December 2022.

The Consumer Price Index and Inflation report by the NBS revealed that for December 2022, the core inflation, which excludes the prices of volatile agricultural produce, stands at 18.49%.

In the data provided, this is higher when compared to the 18.24% recorded in November 2022. The rate is also up by 4.62% when compared to the 13.87% recorded in December 2021.

The NBS also revealed that on a month-on-month basis, the core inflation rate was 1.33% in December 2022 which is a 0.34% decline from the 1.67% recorded in November 2022, down by 0.34%.

“The highest increases were recorded in the prices of gas, liquid fuels, passenger transport by air, vehicle spare parts, fuels and lubricants for personal transport equipment, and solid fuels.

As of December 17, a one-way ticket for a single passenger to fly Air Peace from Abuja to Anambra cost N100,000.

Meanwhile, a return ticket for the same route between December and early January 2023, cost an average of N175,000 for a single adult.

However, in the period under review, Nigerians especially those in the southeast and south-south regions underwent a fuel scarcity crisis, which affected transportation costs for those who were travelling interstate.

Although, the scarcity abated at some point for some states like Enugu, Abia, and Imo, there were varying fuel prices at filling stations. While some stations were locked up, others sold fuel for as high as N400 per litre.