The cost of living in Nigeria continues to rise, with June 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.
The latest report from the National Bureau of Statistics (NBS) put the nation’s inflation rate at 34.19% in June 2024.
Inflation continues to bite hard across Nigeria, with varying impacts on different states.
Also, food inflation, currently at 40.87%, drives all-item inflation rates for some states. However, inflation is gradually declining for several states on this list.
Based on the latest data from the NBS, here are the 10 most expensive states in Nigeria as of June 2024:
#10 Lagos
After dropping out of the list for about two consecutive months this year and returning as the ninth then fifth most expensive state in Nigeria, Lagos, the commercial hub of Nigeria, has an all-item inflation rate of 36.37% for June 2024, slightly lower than the previous month’s rate of 37.39%. Despite this decrease, food inflation remains high at 40.64%, though it is also down from 43.03% in May 2024.
#9 Jigawa
Leaving its sixth position on the previous month’s list, Jigawa’s all-item inflation rate of 36.42% in June 2024 shows a marginal decrease from 37.34% in May. Similarly, food inflation has reduced to 41.19% from 42.57%.
#8 Osun
Leaving its fourth position in May 2024, Osun State drops to the eighth position, as its inflation rate for all items stands at 36.58% for June 2024, a slight decrease from May’s 37.45%. Food inflation remains a significant concern, recorded at 43.23%, down from 44.57% the previous month.
#7 Kwara
From its 10th position in May 2024, Kwara State took a step forward, with an increase in its inflation rate.
Kwara’s all-item inflation rate increased slightly to 36.64% in June 2024 from 36.19% in May. Food inflation remains high and relatively stable, at 44.57% compared to 44.66% the previous month.
#6 Abia
From being seventh on the previous month’s list, Abia recorded an all-item inflation rate of 37.04% in June 2024, slightly up from May’s 36.75%.
Food inflation also rose to 44.28% from 44.01%. The state continues to experience upward pressure on food prices, contributing significantly to its overall inflation.
#5 Ondo
A newcomer to the list of the most expensive states in Nigeria, Ondo’s inflation rate for June 2024 increased to 37.05% from 35.61% in May.
Food inflation also climbed to 43.48%, up from 41.29%. These increases indicate growing economic pressures on consumers in the state, particularly related to food prices.
#4 Rivers
Another newcomer to the list, Rivers State saw its all-item inflation rate rise to 37.20% in June 2024 from 36.00% in May.
Food inflation also increased, reaching 43.22% compared to 41.61% the previous month. The state’s economic dynamics show substantial inflationary pressures, particularly in the food sector.
#3 Oyo
Maintaining the third position on the list for the third time, Oyo’s inflation rate rose to 39.14% in June 2024 from 37.72% in May.
Food inflation also saw an increase, reaching 44.37% from 43.26%. These figures highlight ongoing economic challenges, particularly in managing food prices.
#2 Kogi
Kogi used to be the most expensive state in Nigeria consecutively. However, it has been unseated in May 2024, falling to the second position.
Maintaining this second position, Kogi experienced an all-item inflation rate of 39.91% in June 2024, up from 39.38% in May. Food inflation remained almost steady, slightly increasing to 46.37% from 46.31%. This reflects persistent high inflation in the state, particularly in food costs.
#1 Bauchi
For the second time, Bauchi tops the list with an all-item inflation rate of 43.95% for June 2024, up from 42.30% in May.
Interestingly, its food inflation rate is lower compared to other states, at 34.78%, down from 34.35%. This disparity suggests that while general prices are high, food prices have been relatively more stable in Bauchi.
