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This inflationary pressure is not uniform, with its effects varying significantly across different regional areas. The NBS’s comprehensive examination for January 2024 sheds light on the primary factors fuelling this inflation surge, notably a marked increase in food prices influenced by security concerns in vital agricultural regions and a rise in transportation expenses, among others.
Nigeria’s economic landscape is currently grappling with unparalleled challenges as the cost of living escalates to previously unprecedented levels. A recent study by the National Bureau of Statistics (NBS) reveals the country’s inflation rate at an alarming 29.90%, highlighting the intense economic strains affecting the cost of living nationwide.
The report also details the top 10 most expensive states in Nigeria for January 2024, offering a clearer view of the economic hardship faced by Nigerians in different states and underscoring the critical need to tackle these inflationary forces. Below is the list of the 10 most expensive states in Nigeria in January 2024:
- Lagos: Now ranked 10th, Lagos saw its all-items inflation rate at 31.85% in January 2024, a slight decline from 32.32% the previous month. Interestingly, food inflation dipped to 38.1% from December 2023’s 39.3%, indicating a decreasing inflation trend in the state.
- Osun: Osun is ranked 9th with an all-item inflation rate of 32.31% in January 2024, showing an increase from December 2023’s 30.13%. Moreover, food inflation in the state is at 39.7%, a slight increase from 37.4% in December 2023.
- Ondo: Ondo is in 8th place, with an all-item inflation rate of 32.33% in January 2024, up from 30.91% in December 2023. The food inflation rate is at 39.6%, significantly up from 36.9% in December 2023, emphasizing the critical impact of food on Ondo State’s inflation.
- Ebonyi: Ranking 7th, Ebonyi’s all-item inflation stands at 32.36% in January 2024, up from December’s 31.07%. The food inflation rate in the state is 39.1%, an increase from December 2023’s 35.7%, highlighting the significant role of food prices in the state’s inflation dynamics.
- Bauchi: Bauchi takes the 6th spot with an all-items inflation rate of 32.37% in January 2024, a rise from December 2023’s 31.56%. Food inflation increased to 28.8% at the start of 2024 from 27.5% in December 2023.
- Rivers: Rivers stands 5th with a January 2024 inflation rate of 32.74%, an increase from 32.15% the month before. The food inflation rate is higher at 40.1%, up from December’s 38.6%, showing that food significantly drives inflation in this state.
- Abia: Abia features on the list with an all-items inflation rate of 33% in January 2024, up from December 2023’s 31.28%. Food inflation increased to 39.6%, from December’s 37.2%, indicating escalating living costs, particularly regarding food.
- Akwa Ibom: Maintaining the 3rd position, Akwa Ibom reports an all-items inflation rate of 33.16% in January 2024, an increase from December’s 31.08%. The food inflation rate rose to 40%, compared to December’s 37.4%.
- Oyo: Surpassing Lagos, Oyo is now the second most expensive state in Nigeria, with an all-items inflation rate of 34.58% in January 2024, up from December’s 31.29%. The food inflation rate is 37.3%, up from
