A geopolitical research firm, SB Morgen (SBM) Intelligence, has revealed that transport costs increased by 77 per cent between January 2023 and March 2024.
In its latest report titled ‘The price of everything, SBM said a 160.9 per cent increase in petrol prices over the reporting period, led to the increase in transport costs for commuters across Nigeria.
The report further reported an 81 per cent increase in the price of bread, a dietary staple for many.
SBM attributed the surge to several factors, with the most significant being the persistent devaluation of the naira, which erodes purchasing power and amplifies import costs for essential commodities like wheat — a vital ingredient in bread production.
It further identified insecurity and infrastructure deficit as some of the things that exacerbate inflationary pressures.
The company also measured the increase in the price of essential commodities including Dudu Osun, which increased by 180 per cent, noodles, which rose by 91.8 per cent, and sanitary pad, which jumped by 128.6 per cent during the period under review.
