Nigeria’s economic scene is currently wrestling with unprecedented challenges as the cost of living skyrockets to levels previously unseen.
The latest report from the National Bureau of Statistics (NBS) has put the nation’s inflation rate at an almost all-time high of 31.7% in February 2024, underscoring the severe economic pressures reshaping the cost of living across the country.
This inflationary pressure is not evenly distributed, with its impact varying significantly across different subnational regions.
Below is a list of the 10 most expensive states in Nigeria to live in February 2024:
10. Akwa Ibom
Leaving its spot as the third most expensive state in Nigeria in January 2024, Akwa Ibom settles at the 10th position on the list in February 2024, with an all-items inflation rate of 33.94%, an increase from the previous month’s figures of 33.16%.
Notably, the food inflation rate rose to 41.44%, from 39.96% in January 2024, which means food prices drive inflation in the state.
9. Ondo
In the 9th position, Ondo has an all-item inflation rate of 33.96% in February 2024. A comparison with January 2024 figures reveals an increase from 32.33%.
Furthermore, the food inflation in the state stands at 41.42%, reflecting a marginal rise from 39.59% recorded in January 2024.
8. Abia
Abia takes up the 8th position in February 2024, reporting an all-item inflation rate of 34.33%, up from 33.00% in January 2024.
The food inflation rate stands at 41.04%, a substantial jump from 39.57% in January 2024, underscoring the pivotal role of food in driving inflation in Abia State.
7. Ebonyi
Ebonyi State maintains its 7th position as all-item inflation stands at 34.28% in February 2024. This figure represents a significant increase from January’s 32.36%.
Also, the food inflation in the state is at 41.63%, higher than the 39.14% recorded in January 2024, emphasizing the significant role of food prices in the state’s inflation dynamics.
6. Osun
Also, on the list is Osun in the 6th position with an all-items inflation rate of 34.39% in February 2024, a notable increase from 32.31% in January 2024.
Food inflation increases from 39.71% in January 2024 to 41.88% by February.
5. Rivers
Maintaining the 5th spot on the list is Rivers State, with a 35.42% inflation rate in February 2024, an increase from the 32.74% recorded the previous month.
Food inflation is higher at 44.34%, an increase from January’s 40.08%, suggesting that food is a major driver of inflation in this state.
4. Kwara
Kwara State also makes the list with an all-items inflation rate of 35.50% in February 2024, a significant increase from 29.79% recorded in January 2024.
Food inflation is higher at 43.05%, a notable uptick from January’s 40.87%, indicating a growing trend of increased living expenses, especially related to food.
3. Bauchi
Coming up the 3rd spot is Bauchi State, reporting an all-items inflation rate of 35.62% in February 2024, marking an increase from January’s 32.37%.
Notably, the food inflation rate is lesser at 31.46%, but higher compared to January’s 28.83%.
2. Oyo
Oyo unseated Lagos to become the second most expensive state in Nigeria in January, with an all-items inflation rate of 36.60% in February 2024, a significant increase from January’s 34.58%.
The food inflation rate is higher at 40.30%, increasing from January’s 37.22%, which means that food is a major driver of inflation in this state.
1. Kogi
As usual, Kogi tops the chart as the most expensive state in Nigeria in February 2024. It recorded an all-items inflation rate of 37.98% from 35.78% in January of the same year.
However, the food inflation rate rose to 46.32%, from the previous month’s 44.18%. Kogi also has the highest food inflation in Nigeria.
