Bisina SomtoNigeria is currently struggling with unparalleled economic challenges, as the cost of living soars to an all time high. According to a recent report by the National Bureau of Statistics (NBS), the nation’s inflation rate has surged to 29.90%, reflecting the severe economic pressures reshaping livelihoods nationwide.
The inflationary surge is not uniformly distributed but varies significantly across different states, as outlined in the NBS’s detailed analysis for January 2024. The report highlights the ten most expensive states in Nigeria as of January 2024, providing insight into the economic strain experienced by Nigerians across various regions and underlining the urgency of addressing these inflationary pressures
Most Expensive States In Nigeria
Lagos
Lagos, typically holding the position of the second most expensive state, now ranks tenth on the list in January 2024. With an all-items inflation rate of 31.85%, there’s a slight decrease from the previous month’s figures. Notably, food inflation has also decelerated to 38.1%, indicating a slight downturn in inflation within the state.
Osun
Osun secures the ninth position with an all-item inflation rate of 32.31% in January 2024, marking an increase from the previous month. The state’s food inflation stands at 39.7%, reflecting a marginal rise, thereby contributing to its position on the list.
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Ondo
At the eighth position, Ondo reports an all-item inflation rate of 32.33% in January 2024, with a substantial increase from the previous month. The state’s food inflation rate sits at 39.6%, underscoring the significant role of food in driving inflation within Ondo.
Ebonyi
Ebonyi State claims the seventh position with an all-item inflation rate of 32.36% in January 2024, representing a notable increase from the previous month. Its food inflation rate stands at 39.1%, emphasizing the pivotal role of food prices in the state’s inflation dynamics.
Bauchi
Bauchi emerges at the sixth position with an all-items inflation rate of 32.37% in January 2024, indicating a significant increase from the previous month. Despite a slight increase in food inflation, the state remains prominent on the list due to overall inflationary pressures.
Rivers
Ranking fifth on the list is Rivers state, boasting a 32.74% inflation rate in January 2024, with a notable increase from the previous month. With food inflation at 40.1%, the state grapples with escalating living expenses, particularly concerning food prices.
Abia
Abia State features on the list with an all-items inflation rate of 33% in January 2024, marking a notable uptick from the previous month. Its food inflation rate stands at 39.6%, indicating a growing trend of increased living expenses, particularly in relation to food.
Akwa Ibom
Maintaining the third spot is Akwa Ibom State, reporting an all-items inflation rate of 33.16% in January 2024, marking a significant increase from the previous month. Notably, the state’s food inflation rate has also surged, underscoring the challenges faced by residents in meeting basic dietary needs amidst inflationary pressures.
Oyo
Oyo State surpasses Lagos to claim the second spot as the most expensive state in Nigeria, with an all-items inflation rate of 34.58% in January 2024. With an increasing food inflation rate, the state grapples with the soaring cost of essential commodities, significantly impacting residents’ purchasing power.
Kogi
Topping the chart once again is Kogi State, recording an all-items inflation rate of 35.78% in January 2024. Despite a slight decrease in food inflation, Kogi still maintains the highest food inflation rate in Nigeria, highlighting the acute economic strain faced by its residents.
Somto is an Entertainment Reporter with a passion for uncovering the latest stories in the world of entertainment. As a dedicated journalist, Somto delivers in-depth reporting, exclusive interviews, and breaking news coverage.
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As an Entertainment Reporter for Prime Business Africa, She continues to provide comprehensive and insightful coverage of the entertainment industry, offering readers an insider's perspective on the latest developments and trends. She is a trusted source for breaking news, exclusive interviews, and thought-provoking analyses.
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