NAIRAMETRICS
The cost of living in Nigeria continues to rise, with April 2024 Consumer Price Index (CPI) data showing a consistent increase in inflation rates across both all items and food, affecting the daily lives of people in states, as evidenced by the data from the top 10 most expensive states.
The latest report from the National Bureau of Statistics (NBS) has put the nation’s inflation rate at an almost all-time high of 33.69% in April 2024, underscoring the severe economic pressures reshaping the cost of living across the country.
Inflation continues to bite hard across Nigeria, with varying impacts on different states. Overall, food inflation, which is currently at 40.53%, continues to be a major driver of the all-item inflation rates in these states, affecting the cost of living significantly. The data shows a clear trend of rising prices, with food inflation playing a critical role in this economic landscape.
Here are the top 10 most expensive states to live in Nigeria as of April 2024, based on the latest all-item inflation rates:
10. Abia
After maintaining the eighth position consecutively, Abia’s inflation falls, with an April 2024 all-item inflation rate of 36.50%, a slight increase from the 36.09% recorded in March 2024.
This suggests a relatively stable inflationary environment in the state. Food inflation remains a significant factor, with the rate marginally increasing from 44.47% in March to 44.56% in April, indicating that food prices continue to exert substantial pressure on the overall cost of living in Abia.
9. Lagos
After dropping out of the list for about two consecutive months, Lagos, the commercial hub of Nigeria, experienced a noticeable jump in the all-item inflation rate from 34.13% in March 2024 to 37.15% in April 2024, reflecting a significant increase of 3.02%-points.
This rise is primarily driven by food prices, which also saw an increase from 40.65% in March to 42.99% in April. The sharp rise in both food and general prices underscores the economic pressures faced by residents in Lagos.
8. Osun
Leaving its 10th position on the list in March 2024, Osun recorded an all-item inflation rate of 37.17% in April 2024, up from 35.44% in March 2024, indicating a considerable increase in living costs.
The food inflation rate also rose significantly from 43.55% in March to 45.62% in April. These figures suggest that the rising costs of food are a major contributing factor to the overall inflationary pressures experienced in the state.
7. Jigawa
Jigawa saw a substantial rise in the all-item inflation rate, which increased from 34.32% in March 2024 to 37.31% in April 2024. Food inflation also climbed from 37.77% in March to 42.48% in April.
This significant rise in both general and food prices highlights the growing economic strain on households in Jigawa, with food costs being a major driver of the inflationary trend.
6. Kwara
Leaving its third position on the previous month’s list, Kwara experienced a slight decrease in the all-item inflation rate, moving from 38.10% in March 2024 to 37.52% in April 2024. However, food inflation remains high, with an increase from 46.18% in March to 46.73% in April.
This suggests that while there may be some relief in overall price levels, food prices continue to be a primary inflation driver in Kwara, significantly impacting the cost of living.
5. Rivers
Maintaining the fifth spot on the list for the third time, Rivers shows a marginal increase in the all-item inflation rate, rising from 37.20% in March 2024 to 37.64% in April 2024. The food inflation rate, however, slightly decreased from 45.08% in March to 44.50% in April.
This indicates some relief in food costs, but food prices still play a significant role in the overall inflation scenario, contributing to the economic challenges faced by residents of Rivers.
4. Ondo
After being in the ninth position consecutively, Ondo took a big leap forward, recording a substantial increase in the all-item inflation rate, which rose from 35.81% in March 2024 to 38.12% in April 2024.
The food inflation rate also saw a significant jump from 43.45% in March to 45.87% in April. These rising inflation rates reflect increasing living costs in Ondo, with food prices playing a crucial role in driving overall inflation.
3. Oyo
From its fourth position in March 2024, Oyo State took a step forward to the third position on the list in April 2024. Oyo’s all-item inflation rate increased from 37.30% in March 2024 to 38.37% in April 2024, indicating a growing economic strain.
The food inflation rate also rose, from 41.83% in March to 43.53% in April. This highlights the impact of rising food costs on the overall inflation scenario in Oyo, underscoring the significant role of food prices in driving up the cost of living.
2. Bauchi
Maintaining the second position on the list from the previous month, Bauchi had a significant rise in the all-item inflation rate, moving from 38.34% in March 2024 to 39.91% in April 2024. Interestingly, the food inflation rate decreased slightly from 34.38% in March to 33.85% in April.
This suggests that while general price levels have risen, the pressure from food prices has slightly eased, indicating that other non-food items are contributing more to the overall inflation in Bauchi.
1. Kogi
As usual, Kogi tops the list with the highest all-item inflation rate of 40.84% in April 2024, up from 39.95% in March 2024. The food inflation rate also remains extremely high, increasing slightly from 48.47% in March to 48.62% in April.
This indicates persistent inflationary pressures in Kogi, predominantly driven by soaring food prices, making it the most expensive state to live in Nigeria as of April 2024.
