Inflation rates are often an economic barometer for understanding the health and well-being of a nation’s economy.
In Nigeria, inflation affects states differently, indicating the varied economic conditions across the country.
As these rates directly impact the cost of living, from essential commodities like food to housing and transportation, it’s crucial to know which states are the most expensive to live in based on their current inflation rates.
Nairametrics takes a look at the ten most expensive states in Nigeria based on the August Food Inflation and All Items Inflation rates.
The Criteria
For a comprehensive look, we ranked the states based on a combination of their August Food Inflation and All Items Inflation rates, as these are the two most important indicators affecting everyday life.
The Rankings
10. Oyo State
Food Inflation: 31.3%
All Items Inflation: 28.4%
Oyo kicks off our list with inflation rates that are high but less alarming compared to others on this list.
9. Ondo State
Food Inflation: 32.8%
All Items Inflation: 28.2%
Ondo closely follows Oyo, with only slight differences in food and all items inflation rates.
8. Delta State
Food Inflation: 32.9%
All Items Inflation: 26.6%
Delta ranks eighth with its high food inflation being a major concern, compounded by an overall high rate of inflation for all items.
7. Abia State
Food Inflation: 32.2%
All Items Inflation: 28.0%
Abia follows Delta but with a slightly higher all-items inflation rate.
6. Rivers State
Food Inflation: 34.0%
All Items Inflation: 29.1%
Rivers State presents a balanced but high rate of inflation for both food and all items, reflecting an economic issue that affects almost every sector.
5. Bayelsa State
Food Inflation: 34.1%
All Items Inflation: 28.6%
With rates that are closely matched to Rivers State, Bayelsa takes the fifth spot on our list.
4. Ekiti State
Food Inflation: 34.4%
All Items Inflation: 25.0%
Ekiti’s alarming food inflation rate is offset by a comparatively lower overall inflation rate, yet it still ranks high on our list.
3. Kwara State
Food Inflation: 35.3%
All Items Inflation: 26.9%
Kwara’s inflation rates make it the third most expensive state to live in Nigeria, despite not being a commercial hub like Lagos.
2. Lagos State
Food Inflation: 36.0%
All Items Inflation: 29.2%
Lagos, Nigeria’s economic center, ranks second with its exceptionally high inflation rates affecting both food and all items.
1. Kogi State
Food Inflation: 38.8%
All Items Inflation: 31.5%
Topping the list is Kogi State with its astronomical food inflation rate of 38.8%, making it the most expensive state to live in Nigeria.
Optics
Understanding these inflation rates is essential for grasping the economic challenges facing ordinary Nigerians.
These high rates erode the purchasing power of the average citizen and have far-reaching impacts on other aspects of life, such as healthcare, education, and housing.
While these figures offer a snapshot of the current situation, it is crucial for both policymakers and the general public to consider them as more than just statistics.
They represent real challenges that people face daily, highlighting the urgent need for comprehensive economic policies.
Efforts must be made to curb inflation, stabilize prices, and improve the living conditions in these states for the well-being of all Nigerians.
Credit: NairaMetric