The economic environment in Nigeria is constantly changing, and the cost of living in the nation is largely determined by food inflation rates.
Based on the latest data for October 2023 from the National Bureau of Statistics, here’s are to the most expensive state in Nigeria to live.
Lagos is a commercial city of Nigeria, also has an all-items inflation rate of 31.2%.
The food surge rate here is 27.0%, which is high.
The slight increase of items in the month of September indicates a steady climb in living costs.
Rivers State is another expensive state in Nigeria with an all-items inflation rate of 31.4%.
Food price surge is a bit lower at 29.3%, but the jump in September all items inflation rate points to a growing trend of increased living expenses.
On the list as one of most expensive state to live in Nigeria is Kogi State, with an all-items inflation rate of 34.2%.
This represents a significant rise from the 28.5% reported in September.
The food price rate, also at 34.2%, suggests that the spike in food prices is a major driver of the overall inflation in Kogi.
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Oyo State ranks higher with an all-items inflation rate of 31.2%.
However, the food inflation rate stands out at a staggering 37.0%, the highest among the states listed.
There is a significant surge in food prices compared to September’s 34.3%.
Akwa Ibom State
On the list is Akwa Ibom, with a 30.7% inflation rate.
Food inflation is particularly high at 31.3%, showing that the general increase in prices is heavily influenced by food costs.
Abia’s inflation rate stands at 29.3%.
However, it’s worth noting the significant food surge rate of 33.2%.
This is higher than the overall inflation, emphasising the hefty cost of food in the state.
Bayit weelsa State
Bayelsa follows with an all-items inflation rate of 29.0%.
A notable jump from the 21.0% recorded in September.
Despite this increase, Bayelsa recorded the lowest food inflation rate at 24.4%, suggesting a relatively lesser impact on the food sector.