Nigeria’s economic climate is ever-evolving, with inflation rates playing a critical role in determining the cost of living across the country.
Inflation is currently at an 18-year high at about 27.33%; however, the burden of this rising inflation is felt differently across the country.
Year-on-Year Inflation Across States
Based on the latest data for October 2023 from the National Bureau of Statistics, here’s a listicle ranking the states from the least to the most expensive in terms of all items inflation rate, with a comparative look at the previous month’s figures and the food inflation stats:
- Kwara State – Starting the list is Kwara State, with the lowest inflation rate among the ten listed states at 28.2%. While this rate reflects the lowest on the list, it’s still a noteworthy increase from September’s 24.4%. The food inflation in Kwara is quite high at 31.7%, indicating that food prices are a significant part of the inflation dynamics in the state.
- Bayelsa 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.
- Ebonyi State – With an all-items inflation rate of 29.3%, Ebonyi State is next. It has seen a substantial rise from September’s 23.2%, with food inflation also high at 31.5%. This suggests a significant month-on-month escalation in the cost of living.
- Abia State – Abia’s inflation rate stands at 29.3%, mirroring that of Ebonyi. However, it’s worth noting the significant food inflation rate of 33.2%, which is higher than the overall inflation, emphasizing the hefty cost of food in the state.
- Ondo State – Ondo presents a slightly better scenario with an all-items inflation rate of 29.4%. This rate has held steady from September’s figures. The food inflation rate also remains constant at 27.7%, indicating a stable but high cost for food items.
- Akwa Ibom State – Midway 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.
- Oyo State – 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, signifying a significant surge in food prices compared to September’s 34.3%.
- Lagos State – Lagos, the commercial heartbeat of Nigeria, also has an all-items inflation rate of 31.2%. The food inflation here is 27.0%, which, while high, is not as steep as Oyo’s. The slight increase from September’s all-items rate of 26.1% indicates a steady climb in living costs.
- Rivers State – Rivers State is the second most expensive state with an all-items inflation rate of 31.4%. Food inflation is a bit lower at 29.3%, but the jump from September’s 27.0% all items inflation rate points to a growing trend of increased living expenses.
- Kogi State – Topping the list as the 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 inflation rate, also at 34.2%, suggests that the spike in food prices is a major driver of the overall inflation in Kogi.
More Insight
During the launch of the June 2023 edition of the Nigeria Development Update, the World Bank stated that Nigeria has one of the highest inflation rates, which pushed an estimated four million people into poverty between January and May 2023.
The global lender also said about 7.1 million poor Nigerians would become poor if the Federal Government failed to compensate or provide palliatives for them, following the removal of fuel subsidy, which has contributed significantly to inflationary pressures.
This ranking reveals that while some states experience a more pronounced increase in the cost of living, the trend of rising prices is a nationwide concern.
Also, the escalation in food prices remains a common thread, pointing to the need for interventions that can cushion the impact of inflation on the average Nigerian.
With such insights, stakeholders and policymakers can better strategize to tackle inflation and ease the financial burden on citizens across the country.
According to the latest inflation data released by the National Bureau of Statistics (NBS), Kogi State is the most expensive state to live in Nigeria as of October 2023, with an all-items inflation rate of 34.2%. This means that the prices of goods and services in Kogi State have increased by an average of 34.2% over the past year.
Here are the top 10 most expensive states to live in Nigeria based on their all-items inflation rates as of October 2023:
1. Kogi State – 34.2%
2. Ondo State – 34.1%
3. Delta State – 33.7%
4. Rivers State – 33.5%
5. Abia State – 33.3%
6. Bayelsa State – 33.2%
7. Ekiti State – 33.1%
8. Kwara State – 32.9%
9. Lagos State – 32.8%
10. Oyo State – 32.7%
It is important to note that inflation rates can vary significantly from one month to the next, and the rankings of the most expensive states to live in Nigeria may change accordingly. However, the data from the NBS suggests that Kogi State has consistently been one of the most expensive states to live in Nigeria in recent months.
There are a number of factors that contribute to the high cost of living in Kogi State, including:
* The high cost of food and transportation
* The high cost of housing
* The high cost of fuel
* The high cost of healthcare
If you are considering moving to Kogi State, it is important to be aware of the high cost of living and to factor this into your decision-making process.
Bayelsa is expensive. Only one road enters the state. The water land is of greater mass that the farmable land.
Before items get here from Portharcourt, Delta or even Lagos, you expect to pay triple price.
Bayelsa State is more expensive that even Portharcourt. It just seems to be an highlight area.
I used to think rivers portharcourt ranked the highest but am not so wrong . I used to think Abuja ranked amongst the link , based on transport cost and housing but I understood better it’s really not what they say .
This not correct 💯 because imo state is Missing from that list
Kogi state enters the headline again for bad reasons. I just wonder who cursed the state.
It’s not a doubt that everything in Kogi state is expensive. Funny thing is, things are always cheap in poor states, but in Kogi it is the other way round.
Go to Abuja and check very well
Not true, most of the states in here are more cheapest than this state called Edo Benin city, Benin is a very high and expensive state of living.
Una da play
Come to abuja
I don’t know what parameter or indicator these people used. But I think they’re trying to deviate from the reality, Abuja is beyond explanation may be that’s why they don’t mention it here
And some ignorant people will be saying Abuja.
Smiling from Enugu
Please what happen to Abuja? I thought it’s the most expensive state to live in…
I did not see Owerri, Imo state….even without the inflation, Owerri is difficult to live.