The commercial capital of Nigeria, Lagos, has surpassed other states in claiming the title of most expensive city to live in, according to the most recent data on inflation.
According to the National Bureau of Statistics, In June, the Lagos State inflation rate increased to 25.7%, higher than the national average of 22.7%.
This indicates a 25.7% increase in pricing for products and services in Lagos State when compared to the same time last year.
Lagos had the highest monthly inflation rate of 2.7% in June, according to the NBS, indicating a higher rate of price changes than other states.
The high cost of fuel has a knock-on effect on the transportation, food, housing, and utility industries and so Lagos residents are consequently suffering from inflation more than ever.
The removal of fuel subsidies by the federal government, which caused a dramatic increase in the price of petrol at the pump in Lagos, was the primary cause of this increase.
As a result of the removal of the subsidy, Lagosians now pay nearly the same price for fuel as the rest of Nigerians, with prices increasing by more than two times from N180/ltr to approximately N490/ltr.
Ondo State, Rivers State, and Kogi State had inflation rates of 25.8%, 25.7%, and 25%, respectively, making them the most costly states to live in before June.
However, due to the lagging effect of higher inflation rates, these states saw lower inflation rates in June. Inflation rates were 25.4% in Ondo State, 25.2% in Kogi State, and 24.1% in Rivers State.
According to the NBS data, Kwara State had the highest food inflation rate in June at 30.8%, while Lagos had the second-highest rate at 30.4%. High rates of food inflation were also seen in Kogi (29.7%) and Ondo (29.2%).
