Nigeria’s economic climate is ever-evolving, with inflation rates playing a critical role in determining the cost of living across the country.
Inflation is currently at an 18-year high at about 27.33%; however, the burden of this rising inflation is felt differently across the country.
Based on the latest data for October 2023 from the National Bureau of Statistics, here’s a listicle ranking the states from the least to the most expensive in terms of all items inflation rate, with a comparative look at the previous month’s figures and the food inflation stats:
During the launch of the June 2023 edition of the Nigeria Development Update, the World Bank stated that Nigeria has one of the highest inflation rates, which pushed an estimated four million people into poverty between January and May 2023.
The global lender also said about 7.1 million poor Nigerians would become poor if the Federal Government failed to compensate or provide palliatives for them, following the removal of fuel subsidy, which has contributed significantly to inflationary pressures.
This ranking reveals that while some states experience a more pronounced increase in the cost of living, the trend of rising prices is a nationwide concern.
Also, the escalation in food prices remains a common thread, pointing to the need for interventions that can cushion the impact of inflation on the average Nigerian.
With such insights, stakeholders and policymakers can better strategize to tackle inflation and ease the financial burden on citizens across the country.
