![Nigeria's Living Costs Are Skyrocketing: Check Out The Top 10 Most Expensive States [March 2024]](https://www.six9ja.com.ng/wp-content/uploads/2024/05/Nigerias-Living-Costs-Are-Skyrocketing-Check-Out-The-Top-10-Most-Expensive-States-March-2024.jpg)
The most recent Consumer Price Index (CPI) data for March 2024 shows a startling statewide inflation rate of 33.2%, demonstrating how much higher living expenses are in Nigeria.
The tremendous economic challenges that are changing the financial landscape of the nation and impacting Nigerians in all of its states are highlighted by this worrying figure.
Despite being felt nationwide, the effects of inflationary pressures range greatly throughout subnational areas.
As per the National Bureau of Statistics (NBS), some states are more severely affected by rising expenses than others. Here, we present the top ten most costly states in Nigeria to live in, as determined by the CPI statistics for March 2024.
| State | All-Item Inflation Rate | Food Inflation Rate |
|---|---|---|
| Kogi | 39.95% | 48.47% |
| Bauchi | 38.34% | 34.38% |
| Kwara | 38.10% | 46.18% |
| Oyo | 37.30% | 41.83% |
| Rivers | 37.20% | 45.08% |
| Ebonyi | 36.57% | 44.10% |
| Akwa Ibom | 36.13% | 45.18% |
| Abia | 36.09% | 44.47% |
| Ondo | 35.81% | 43.45% |
| Osun | 35.44% | 43.55% |
Kogi State is still at the top of the list, with an astounding all-item inflation rate of 39.95% and a shocking food inflation rate of 48.47%, which demonstrates the extreme pressure the state is placing on household finances. The all-item inflation rates in Bauchi and Kwara are closely followed, at 38.34% and 38.10%, respectively. However, the rates of food inflation in these two states differ dramatically, at 34.38% and 46.18%, respectively.
States with all-item inflation rates ranging from 35.44% to 37.30% and food inflation rates between 41.83% and 45.18%, such as Oyo, Rivers, Ebonyi, Akwa Ibom, Abia, Ondo, and Osun, also have a significant presence on the list. These numbers highlight how growing costs for necessities have a broad effect and worsen the financial burden on households in these areas.
Concerning trends are shown by the NBS data, which shows that both the all-item and food inflation rates are rising significantly month over month in several states. Kogi State experienced a notable increase in food inflation of 2.15% points and an all-items rate increase of 1.97% points, indicating increased economic strain and possible supply-side limits or intensifying demand pressures.
Prioritizing focused measures to address the differences in the cost of living in various states is imperative for policymakers and stakeholders as Nigeria battles these inflationary concerns.
The impact on the lives of Nigerians, especially in the most impacted regions, must be minimized by comprehensive policies targeted at stabilizing prices, supporting food production and distribution networks, and fostering economic resilience.
Do you find Six9ja useful? Click here to give us five stars rating!