The cost of living in Nigeria is rising to previously unheard-of heights, posing significant challenges to the country's economy.
The nation's inflation rate reached an almost all-time high of 31.7% in February 2024, according to the most recent National Bureau of Statistics (NBS) report, highlighting the intense economic pressures that are changing the cost of life nationwide.
The impact of this inflationary pressure varies greatly throughout subnational regions, and it is not evenly spread.
The top ten most costly states in Nigeria to reside in as of February 2024 are listed below:
10. Akwa Ibom
When all things are taken into account, Akwa Ibom, which was the third most expensive state in Nigeria in January 2024, drops to the tenth slot on the list in February 2024. with an overall inflation rate of 33.94%, up from 33.16% in the previous month's data.
Notably, the rate of food inflation increased to 41.44% in January 2024 from 39.96% in January 2024, indicating that the state's inflation is driven by food costs.
9. Indo
With an all-item inflation rate of 33.96% in February 2024, Ondo is ranked ninth. When compared to data from January 2024, there has been an increase of 32.33%.
In addition, the state's food inflation rate is 41.42%, indicating a little increase over the 39.59% recorded in January 2024.
8. Abia
With an all-item inflation rate of 34.33% in February 2024 compared to 33.00% in January 2024, Abia assumes the eighth spot.
The rate of food inflation is currently 41.04%, a significant increase from 39.57% in January 2024. highlighting the crucial part that food plays in Abia State's inflationary spiral.
7. Ebonyi
In February 2024, Ebonyi State's all-item inflation rate of 34.28% keeps it in seventh place. Comparing this number to January's 32.36%, there has been a noticeable increase.
Furthermore, the state's food inflation rate of 41.63% is greater than the 39.14% recorded in January 2024, highlighting the important role that food prices play in the dynamics of the state's inflation.
6. Osun
With an all-items inflation rate of 34.39% in February 2024—a significant rise from 32.31% in January 2024—Osun is ranked sixth on the list as well.
In January 2024, food inflation is 39.71%; by February, it is 41.88%.
5.Rivers
Rivers State continues to occupy the fifth position on the ranking with a 35.42% February 2024 saw a rise in the inflation rate from 32.74% the month before.
Food inflation has increased to 44.34% from 40.08% in January, indicating that food is a significant contributor to inflation in this state.
4. Kwara Kwara State also appears on the list, with an all-items inflation rate in February 2024 of 35.50%, a notable rise from the January 2024 rate of 29.79%.
Food inflation has grown to 43.05%, a significant increase from 40.87% in January. This indicates an increasing trend of greater living expenses, particularly those associated with food.
3. Bauchi
Bauchi State comes in third place with an all-items inflation rate of 35.62% in February 2024, up from 32.37% in January.
Notably, compared to January's 28.83%, the food inflation rate is higher at 31.46% although still lower than before.
2. Oyo: In January, Oyo surpassed Lagos to claim the title of second most costly state in Nigeria. In February 2024, the state's all-items inflation rate increased significantly from 34.58% in January to 36.60%.
Since January, the rate of food inflation has increased to 40.30% from 37.22%, indicating that food is a significant contributor to inflation in this state.
1. Kogi
As usual, in February 2024, Kogi will be the most costly state in Nigeria. In January of that year, it had an all-items inflation rate of 35.78%; by the end of the month, it was 37.98%.
But compared to the previous month, when it was 44.18%, the food inflation rate increased to 46.32%. Additionally, Kogi has the best food the rate of inflation in Nigeria.
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