• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Metrics
Ten most expensive states to live in Nigeria based on inflation Rate – August 2023

Ten most expensive states to live in Nigeria based on inflation Rate – August 2023

Research TeambyResearch Team
2 weeks ago
in Metrics, Rankings
Share on FacebookShare on TwitterShare on Linkedin

Inflation rates are often an economic barometer for understanding the health and well-being of a nation’s economy.

In Nigeria, inflation affects states differently, indicating the varied economic conditions across the country.

As these rates directly impact the cost of living, from essential commodities like food to housing and transportation, it’s crucial to know which states are the most expensive to live in based on their current inflation rates.  

Nairametrics takes a look at the ten most expensive states in Nigeria based on the August Food Inflation and All Items Inflation rates. 

The Criteria 

For a comprehensive look, we ranked the states based on a combination of their August Food Inflation and All Items Inflation rates, as these are the two most important indicators affecting everyday life. 


 The Rankings

10. Oyo State

Food Inflation: 31.3%  

All Items Inflation: 28.4% 

Oyo kicks off our list with inflation rates that are high but less alarming compared to others on this list.

9. Ondo State

Food Inflation: 32.8%  

All Items Inflation: 28.2% 

Ondo closely follows Oyo, with only slight differences in food and all items inflation rates.

8. Delta State

Food Inflation: 32.9%  

All Items Inflation: 26.6% 

Delta ranks eighth with its high food inflation being a major concern, compounded by an overall high rate of inflation for all items.

7. Abia State

Food Inflation: 32.2%  

All Items Inflation: 28.0% 

Abia follows Delta but with a slightly higher all-items inflation rate.

6. Rivers State

Food Inflation: 34.0%  

All Items Inflation: 29.1% 

Rivers State presents a balanced but high rate of inflation for both food and all items, reflecting an economic issue that affects almost every sector.

5. Bayelsa State

Food Inflation: 34.1%  

All Items Inflation: 28.6% 

With rates that are closely matched to Rivers State, Bayelsa takes the fifth spot on our list.

4. Ekiti State

Food Inflation: 34.4%  

All Items Inflation: 25.0% 

Ekiti’s alarming food inflation rate is offset by a comparatively lower overall inflation rate, yet it still ranks high on our list.

3. Kwara State

Food Inflation: 35.3%  

All Items Inflation: 26.9% 

Kwara’s inflation rates make it the third most expensive state to live in Nigeria, despite not being a commercial hub like Lagos.

2. Lagos State

Food Inflation: 36.0%  

All Items Inflation: 29.2% 

Lagos, Nigeria’s economic center, ranks second with its exceptionally high inflation rates affecting both food and all items.

1. Kogi State

Food Inflation: 38.8%  

All Items Inflation: 31.5% 

Topping the list is Kogi State with its astronomical food inflation rate of 38.8%, making it the most expensive state to live in Nigeria. 


Optics

Understanding these inflation rates is essential for grasping the economic challenges facing ordinary Nigerians.

  • These high rates erode the purchasing power of the average citizen and have far-reaching impacts on other aspects of life, such as healthcare, education, and housing. 
  • While these figures offer a snapshot of the current situation, it is crucial for both policymakers and the general public to consider them as more than just statistics.
  • They represent real challenges that people face daily, highlighting the urgent need for comprehensive economic policies.  

Efforts must be made to curb inflation, stabilize prices, and improve the living conditions in these states for the well-being of all Nigerians. 


Download Nairametrics App for breaking news and market intelligence.
   
Tags: Inflation
Research Team

Research Team

The Research Team at Nairametrics meticulously monitors, gathers, curates, and administers an extensive repository of both macroeconomic and microeconomic data originating from Nigeria and across Africa. Utilizing a variety of presentation formats—including documents, tables, and charts—our analysts disseminate key findings through the Nairametrics platform. Additionally, we regularly release insightful, research-driven articles that offer in-depth analyses of economic trends and indicators.

Comments 6

  1. Benjamin Ejekanonu says:
    September 17, 2023 at 6:02 am

    I love this, this is one of the reasons I turned in my notification for your posts, always putting me ahead when it matter mist regarding information. You guys are my go to site when I want to update myself on the current happening in Nigeria. Many thanks guys for all you do.

    Reply
  2. Nunayon says:
    September 17, 2023 at 11:08 am

    This is quite interesting, but tricky at the same time. Inflation rate doesn’t measure the most expensive state to live in. Inflation measures rise in price or change in price of food and other items not the actual cost. So, it doesn’t measure how expensive food and other items are. Rather, it measures rise/change in prices. In absolute terms Kogi may actually be one of the cheapest states to live in. In Lagos, rent for 3-bedroom flats in many parts is as high as 1 million naira per annum. It is three to four times higher in the highbrow areas of the state. That’s more than expensive by the standard in Kogi. It’s simply insane.
    So, we should keep this in mind.

    Reply
  3. Joseph David Liga says:
    September 17, 2023 at 7:24 pm

    Grsat work

    Reply
  4. Joseph David Liga says:
    September 17, 2023 at 7:25 pm

    THIS IS WONDERFUL WORK

    Reply
    • Godwin Ateko says:
      September 19, 2023 at 7:56 am

      My state?
      This is totally unbearable.
      Petrol is sold at the black market for N1300 per litre in my community.
      No infrastructures, no development, teachers’ salary being delayed.

      Reply
  5. Ayomide Bolaji says:
    September 17, 2023 at 7:39 pm

    For the NDIC deposit and best rate without lost of payment

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Bankers committee
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Fuel subsidy: Peter Obi says FG should remove criminality, corruption and not subsidy
  • ARDA says African refiners will use a single petrol grade by 2030 
  • Stakeholders say Nigeria’s Diesel VAT Waiver is short-term relief   

Follow us on social media:

Recent News

Peter Obi

Fuel subsidy: Peter Obi says FG should remove criminality, corruption and not subsidy

October 2, 2023
refinery

ARDA says African refiners will use a single petrol grade by 2030 

October 2, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In