Nigeria’s economic landscape grapples with unparalleled challenges as the cost of living escalates to unprecedented heights.
According to the latest findings from the National Bureau of Statistics (NBS), the country’s inflation rate surged to nearly an all-time high of 31.7% in February 2024, highlighting the profound economic strains reshaping living expenses nationwide.
However, this inflationary burden is not uniform, manifesting disparately across various subnational regions.
Below are the ten states in Nigeria bearing the highest cost of living in February 2024:
1. Kogi: Leading the pack as the most expensive state in Nigeria in February 2024, Kogi reported an all-items inflation rate of 37.98%, a notable increase from January’s 35.78%. Additionally, the food inflation rate surged to 46.32%, surpassing the previous month’s 44.18%. Kogi holds the highest food inflation rate in Nigeria.
2. Oyo: Surpassing Lagos, Oyo claims the second spot as the second most expensive state in Nigeria in January, with an all-items inflation rate of 36.60% in February 2024, significantly up from January’s 34.58%. The food inflation rate escalated to 40.30%, compared to January’s 37.22%.
3. Bauchi: Rising to the third position, Bauchi State reported an all-items inflation rate of 35.62% in February 2024, up from January’s 32.37%. Notably, the food inflation rate, although lower at 31.46%, increased compared to January’s 28.83%.
4. Kwara: Kwara State joins the list with an all-items inflation rate of 35.50% in February 2024, a significant surge from January’s 29.79%. The food inflation rate rose to 43.05%, notably higher than January’s 40.87%.
5. Rivers: Holding the fifth position, Rivers State recorded a 35.42% inflation rate in February 2024, up from January’s 32.74%. The food inflation rate soared to 44.34%, indicating food’s substantial role in driving inflation in the state.
6. Osun: Occupying the sixth position, Osun reported an all-items inflation rate of 34.39% in February 2024, up from January’s 32.31%. The food inflation rate increased to 41.88% from 39.71% in January.
7. Ebonyi: Holding steady in the seventh position, Ebonyi State recorded an all-items inflation rate of 34.28% in February 2024, a significant rise from January’s 32.36%. The food inflation rate escalated to 41.63% from 39.14% in January.
8. Abia: In the eighth position, Abia reported an all-items inflation rate of 34.33% in February 2024, up from January’s 33.00%. The food inflation rate surged to 41.04% from 39.57% in January.
9. Ondo: Securing the ninth position, Ondo reported an all-items inflation rate of 33.96% in February 2024, a rise from January’s 32.33%. The food inflation rate increased to 41.42% from 39.59% in January.
10. Akwa Ibom: Sliding to the tenth spot, Akwa Ibom recorded an all-items inflation rate of 33.94% in February 2024, compared to January’s 33.16%. Notably, the food inflation rate climbed to 41.44% from 39.96% in January.
