October records 7% increase in air travel fare, reaching N78,778

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October sees 7% increase in air travel fare, reaching N78,778
October sees 7% increase in air travel fare, reaching N78,778

In a recent report, the National Bureau of Statistics (NBS) revealed that the average air travel fare experienced a year-on-year (YoY) increase of 7.6%, reaching N78,778 in October 2023 from N73,198 in the same month of the previous year.

The NBS, in its Transport Fare Watch for October 2023, also noted a rise in fares for bus and motorcycle (Okada) per drop, as well as waterway passenger transport journeys during the same period.

Despite a monthly increase in diesel and fuel prices by 12.82% and 0.71%, respectively, the report highlighted a month-on-month (MoM) decline in transport fare across all modes of journeys.

Specifically, in air travel, the average fare paid by passengers for specified routes in a single journey decreased by 0.30% to N78,778.38 in October 2023 compared to the previous month (September 2023).

On a YoY basis, the fare witnessed a 7.62% increase from N73,198.65 in October 2022.

For city bus journeys per drop, the average fare experienced a MoM decline of 16.48%, dropping from N1,337.80 in September to N1,117.30 in October 2023.

However, on a YoY basis, it rose significantly by 75.45% from N636.83 in October 2022.

In intercity bus journeys per drop, the average fare decreased by 0.53% on a MoM basis, reaching N5,885.68 in October 2023 compared to N5,917.16 in September 2023. On a YoY basis, the fare saw a notable increase of 53.04% from N3,845.81 in October 2022.

For motorcycle (Okada) transportation, the average fare dropped by 21.51% to N507.30 in October 2023 compared to September 2023 (N646.29).

However, on a YoY basis, it increased by 10.75% compared to October 2022 (N458.05).

In waterway passenger transportation, the average fare in October 2023 decreased to N1,395.68 from N1,406.84, indicating a monthly contraction of 0.79%. On a YoY basis, the fare increased by 38.7% from N1,006.22 in October 2022.