The cost of living in Nigeria continues to rise, with the Consumer Price Index (CPI) data for May 2024 showing a steady increase in inflation rates across all items and foodstuffs, impacting the daily lives of people in the states.
The latest report by the National Bureau of Statistics (NBS) has put the nation on notice Inflation rate at 33.95% in May 2024. Inflation continues to hit hard across Nigeria, with varying impacts on different states.
However, food price inflation, which is currently at 40.66%, It is no longer the main driver of overall inflation rates in these states. While a number of states recorded a decline in food inflation, inflation across all items remained high.
Here are the 10 most expensive states to live in Nigeria as of May 2024, based on the latest inflation rates on all items:
#10 Kwara
leaving sixth place on the previous month’s list, Kwara City has witnessed a decline in inflation rates across all items and food prices.
- The overall inflation rate decreased by 1.33%-points, from 37.52% In April l 36.19% By May 2024.
- Food inflation rate decreased by 2.07–points to 44.66% from 46.73% Previous Month.
- This indicates that the total cost of living in Kwara was primarily driven by non-food items, with the decline in food inflation being more significant compared to the inflation rate across all items.
#9 Kibby
In Kebbi, the overall inflation rate saw a slight increase of 0.23% points, rising from 35.97% in April to 36.20% in May.
- Meanwhile, the food inflation rate fell marginally by 0.09 percentage points, from 38.59% to 38.50%.
- The near-stable food inflation rate indicates that the slight rise in inflation across all items was driven by increases in non-food prices.
#8 Bayelsa
Bayelsa saw notable increases in all-item inflation and food inflation, with all-item inflation rising by 2.66% points from 34.06% in April to 36.72% in May.
- The food price inflation rate also increased by 1.75%, from 40.54% to 42.29%.
- Inflation in Bayelsa was driven by food and non-food items, with a significant contribution from non-food items due to the larger increase in inflation in all items.
#7 Appiah
After falling from 10th place on the list in April 2024, inflation in Apia rose slightly by 0.25%, from 36.50% in April to 36.75% in May.
- Conversely, food inflation fell by 0.55% points, from 44.56% to 44.01%.
- Inflationary pressure in Abia was more affected by non-food items, as evidenced by the increase in the inflation rate across all items despite the decline in food inflation.
#6 Jigawa
After leaving seventh place in the previous month’s list, Jigawa witnessed slight changes in inflation rates in all items and food prices, with the inflation rate in all items rising by 0.03% points, from 37.31% in April to 37.34% in May, and the rate rose Food inflation increased by 0.09% point, from 42.48% to 42.57%.
The slight increases indicate that inflation in Jigawa was balanced between food and non-food items.
#5 Lagos
After falling off the list for almost two consecutive months and returning to the previous month’s list as the ninth most expensive state, Lagos, Nigeria’s commercial hub, saw slight increases in inflation rates across all items and food.
- The overall inflation rate rose by 0.24 percentage points, from 37.15% in April to 37.39% in May, and the food price inflation rate rose by 0.04 percentage points, from 42.99% to 43.03%.
- This suggests that inflationary pressure in Lagos was slightly more affected by non-food items.
#4 Osun
From the eighth position in April 2024, Osun State took a step forward to another position on the list in May 2024.
- In Osun, the overall inflation rate rose by 0.28%, from 37.17% in April to 37.45% in May.
- However, food inflation fell by 1.05%, from 45.62% to 44.57%.
- This indicates that inflation in Osun was driven more by non-food items, as evidenced by the increase in the inflation rate across all items despite the decline in food inflation.
#3 Oyo
Oyo maintained third place on the list compared to the previous month, and saw its overall inflation rate decrease by 0.65% points, falling from 38.37% in April to 37.72% in May.
- The food inflation rate also decreased slightly by 0.27%, from 43.53% to 43.26%.
- The larger decline in the overall inflation rate suggests that the decline in the overall cost of living in Uyo was driven more by non-food items.
#2 Koji
Kogi used to be the most expensive state in Nigeria respectively.
- However, it was deposed because it saw a decline in the inflation rates of all items and food prices, with the rate of all items falling by 1.46% points, from 40.84% in April to 39.38% in May, and the food inflation rate. A decrease of 2.31% points, from 48.62% to 46.31%.
- The larger decline in food inflation suggests that the overall decline in inflationary pressure in Kogi was primarily driven by lower food prices.
#1 Bauchi
- For the first time, Bauchi ousted Koji as he saw the highest increase in inflation across all items, rising by 2.39% points, from 39.91% in April to 42.30% in May.
- The food price inflation rate also witnessed an increase, albeit lower, by 0.50% point, from 33.85% to 34.35%.
- The significant rise in overall inflation suggests that inflationary pressures in Bauchi were driven more by non-food items, despite the increase in food inflation.