Nigeria’s headline inflation rose to 34.60% in November 2024 reflecting a further surge in the costs of goods and services across the country.
This is according to the latest Consumer Price Index (CPI) data released by the Nigeria Bureau of Statistics (NBS).
This shows that the headline inflation rose by 0.72% from 33.88% in October.
The rise in inflation is largely driven by food price increases, which continue to place a strain on Nigerian households.
On a month-on-month basis, the headline inflation rate showed a marginal slowdown, standing at 2.638% in November compared to 2.640% in October.
While inflation remains high, this slight dip indicates a slower pace of price increases than the previous month.
However, the year-on-year increase still highlights the ongoing pressure on consumers, with the cost of living continuing to climb.
Food inflation has also seen a sharp rise, reaching 39.93% in November 2024, up from 32.84% in the same period last year.
Prices for staple foods such as yam, rice, maize, and palm oil have surged, contributing to the increase in food inflation. Other items such as guinea corn, millet, and meat have also seen notable price hikes.
On a month-on-month basis, food inflation rose by 2.98%, slightly up from 2.94% in October.
This increase is attributed to higher prices for items such as fish, rice, dairy products, and meat.
The twelve-month average food inflation rate for the period ending November 2024 stands at 38.67%, marking an 11.58%-point rise from the previous year’s 27.09%.
Across these states, food remains the dominant inflation driver, particularly in Sokoto, Yobe, and Kebbi. In contrast, Bauchi stands out for its non-food price surge. Rising transportation costs, insecurity, and supply chain disruptions continue to exacerbate Nigeria’s inflation crisis, leaving households vulnerable.
Using data from the NBS on inflation rates, here is an analysis of the ten most expensive states in Nigeria in November 2024:
10. Gombe
In Gombe, the story of inflation is clear: food prices are leading the charge. The food inflation rate climbed to 46.63% in November from 45.35% in October, driving up the overall cost of living.
The state’s all-item inflation rate, though lower than some others, has increased from 36.88% the previous month to 38.1% in November 2024, reflecting higher costs for essential items like fuel, transportation, and household goods.
Gombe, known for its agricultural roots, struggles with transportation bottlenecks and seasonal food price surges, which directly impact affordability. Households are feeling the pressure as their purchasing power erodes with each passing month.
9. Sokoto
Sokoto’s inflation dynamics tell a tale of food-driven hardship. While the overall all-item inflation decreased slightly to 38.7% in November from 39.99% recorded the previous month, food inflation remains a staggering 51.3%. In October, food inflation was even higher at 52.19%, highlighting how the cost of staples like rice, grains, and vegetables is disproportionately impacting residents.
Sokoto’s rural households are particularly vulnerable, as transportation costs make food inaccessible in many areas. Farmers and traders face challenges in bridging supply gaps, leaving prices unchecked and making survival expensive.
8. Abia
Abia, a commercial hub in southeastern Nigeria, saw its inflation rate climb to 39.0% in November, driven heavily by food prices that reached 46.0%. Compared to October’s figures (36.72% all-item, 43.25% food inflation), the increase reflects rising demand for food, fuel, and essential services.
With its urban centres like Aba bustling with economic activity, Abia faces unique inflationary pressures. Food, transportation, and electricity costs have surged, which makes goods more expensive to transport and distribute.
7. Kano
Kano, Nigeria’s northern economic powerhouse, ranks 7th with an all-item inflation rate of 39.37%, up from 37.61% in October. Food inflation climbed to 45.34% from 42.47%, reflecting growing demand in a densely populated state.
Kano’s position as a trade hub means its markets experience relentless demand, especially for perishable goods and imported staples. Rising transportation costs have further escalated prices, particularly for those living in urban fringes where basic goods are harder to access.
6. Zamfara
Zamfara’s inflation story is primarily about food. From 41.66% food inflation in October, prices jumped to 46.01% in November. The overall inflation rate also climbed from 36.33% to 39.41%, reflecting the rising cost of both food and non-food essentials.
Given Zamfara’s agricultural backdrop, one would expect relief. However, security challenges have disrupted farming and food supply chains, leaving residents to pay higher prices for grains and vegetables brought in from distant states.
5. Oyo
Oyo State, home to the bustling city of Ibadan, saw a significant spike in inflation. The all-item rate jumped from 35.61% in October to 39.5% in November, while food inflation rose from 39.29% to 44.38%.
Oyo’s role as a commercial and transit hub has led to rising costs for food, transportation, and housing. The influx of residents and traders from neighboring states contributes to demand-driven price pressures, particularly in urban centres.
4. Yobe
In Yobe, food inflation hit 49.69%, compared to 42.13% in October. The all-item inflation rate similarly surged to 40.42% from 35.70%, as the state emerged as the fourth highest most expensive state in the country.
Yobe’s inflation reflects severe supply chain disruptions and insecurity, which have left local markets understocked and food prices soaring. Staple foods like grains, a lifeline for many, have become increasingly unaffordable.
3. Anambra
Anambra’s inflation narrative revolves around its bustling commercial hubs like Awka and Onitsha. The all-item inflation rate rose to 40.48% from 37.49%, while food inflation climbed to 45.94% from 41.09%.
Urbanization, rising demand for processed food, and costly transportation are pushing prices higher. As a trading state, Anambra bears the brunt of imported inflation from other regions.
2. Kebbi
Kebbi’s inflation crisis is driven by food and essential items. All-item inflation surged to 42.4% in November from 40.03%, with food inflation at 46.29%, from 43.34%.
Despite being an agricultural state, Kebbi faces rising costs due to poor infrastructure and market inefficiencies, limiting food availability and affordability.
1. Bauchi
Bauchi tops the list as Nigeria’s most expensive state to live in, with an all-item inflation rate of 46.2%, which is a slight decline from the 46.68% recorded in October. Interestingly, food inflation is at 40.48%, which is higher than the 37.49% recorded in October but is lower than in other states, suggesting that non-food items—such as housing, utilities, and transportation—are driving the sharp rise in living costs.
The combination of economic challenges, infrastructural deficits, and rising household expenses makes Bauchi a particularly tough place for residents to sustain their livelihoods.
