The cost of living in Nigeria is high but stabilizing, with July 2024 Consumer Price Index (CPI) data showing a decrease in inflation rates across both all items and food.
The latest report from the National Bureau of Statistics (NBS) shows that Nigeria’s headline inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024. This marked the first decline in the headline inflation rate since December 2022, when it last dropped to 21.34%.
Also, food inflation dropped to 39.53%, from 40.87% recorded in June 2024.
However, inflation continues to bite hard across Nigeria, with varying impacts on different states. July 2024 saw various inflationary experiences across Nigeria, with some states witnessing significant changes in both all-item and food inflation rates. Inflation in most of the states is driven by high food costs.
Jigawa has the biggest percentage increase in all-item inflation from June to July 2024, with an increase of 11.89% (from 36.42% in June to 40.76% in July), while Kogi has the biggest percentage increase in food inflation from June to July 2024, with an increase of 15.37% (from 40.14% in June to 46.31% in July).
Below is a list of the 10 most expensive states in Nigeria based on their all-item inflation rate for July 2024:
#10 Gombe
Gombe experienced a slight decrease in its all-item inflation rate from 35.55% in June 2024 to 35.48% in July 2024, a marginal decline of 0.20%. However, food inflation rose slightly from 43.39% in June to 43.72% in July, indicating an increase of 0.76%. This suggests that food is likely a major driver of overall inflation in Gombe.
#9 Lagos
From its 10th position in June 2024, Lagos State, Nigeria’s economic hub, took a step forward. The state saw its all-item inflation rate decrease from 36.37% in June 2024 to 35.50% in July 2024, a drop of 2.40%. Conversely, food inflation rose significantly from 39.75% in June to 43.03% in July, an increase of 8.25%. This indicates that food is a significant driver of overall inflation in Lagos.
#8 Osun
Maintaining the eighth position on the list, Osun State saw its all-item inflation rate decline from 36.58% in June 2024 to 35.54% in July 2024, a decrease of 2.84%. However, food inflation surged significantly from 40.39% in June to 44.57% in July, an increase of 10.34%. This substantial rise indicates that food is a major driver of overall inflation in Osun.
#7 Oyo
After being third on the list for three consecutive months, Oyo State experienced a notable decline in all-item inflation, falling from 39.14% in June 2024 to 35.61% in July 2024, a drop of 9.03%. At the same time, food inflation increased from 40.70% in June to 43.26% in July, a rise of 6.30%. This suggests that food is a key contributor to overall inflation in Oyo, even as the all-item rate decreases.
#6 Abia
Maintaining the sixth position on the list, Abia saw its all-item inflation rate decrease from 37.04% in June 2024 to 35.90% in July 2024, a reduction of 3.08%. Food inflation also rose from 43.23% in June to 44.01% in July, an increase of 1.80%. This indicates that food remains a significant driver of inflation in Abia.
#5 Sokoto
A newcomer to the list, Sokoto experienced an increase in all-item inflation from 34.65% in June 2024 to 35.93% in July 2024, rising by 3.69%. In contrast, food inflation decreased significantly from 46.25% in June to 41.70% in July, a drop of 9.85%. This suggests that other components are likely driving overall inflation in Sokoto, as food prices have started to stabilize.
#4 Kogi
Kogi used to be the most expensive state in Nigeria consecutively. However, it was unseated in May 2024, falling to the second position, where it was twice. It seems inflation is abating in this northcentral state.
Kogi State saw its all-item inflation rate decrease from 39.91% in June 2024 to 36.73% in July 2024, a drop of 8.69%. However, food inflation saw a sharp increase from 40.14% in June to 46.31% in July, an increase of 15.37%. This indicates that food is the primary driver of overall inflation in Kogi.
#3 Kebbi
Another newcomer to the list, Kebbi saw an increase in all-item inflation from 35.62% in June 2024 to 37.47% in July 2024, a rise of 5.19%. Interestingly, food inflation decreased from 40.13% in June to 38.50% in July, a drop of 4.07%. This suggests that other components are likely driving overall inflation in Kebbi.
#2 Jigawa
Leaving its ninth position on the previous month’s list, Jigawa stepped forward as the state experienced a significant increase in all-item inflation from 36.42% in June 2024 to 40.76% in July 2024, an increase of 11.89%. Meanwhile, food inflation decreased from 46.05% in June to 42.57% in July, a reduction of 7.56%. This indicates that other components are likely the major drivers of overall inflation in Jigawa.
#1 Bauchi
For the third time, Bauchi had the highest all-item inflation rate in July 2024 at 46.05%, up from 43.95% in June, representing an increase of 4.78%. However, food inflation decreased from 35.09% in June to 34.35% in July, a drop of 2.11%. This suggests that other components are driving the overall inflation in this state.
