The cost of living in Nigeria continues to rise, with May 2024 Consumer Price Index (CPI) data showing a consistent increase in inflation rates across both all items and food, affecting the daily lives of people in states.
The latest report from the National Bureau of Statistics (NBS) has put the nation’s inflation rate at 33.95% in May 2024. Inflation continues to bite hard across Nigeria, with varying impacts on different states.
However, food inflation, which is currently at 40.66%, is no longer a major driver of the all-item inflation rates in these states. While a number of the states recorded a decline in food inflation, all-item inflation remained high.
Here are the top 10 most expensive states to live in Nigeria as of May 2024, based on the latest all-item inflation rates:
#10 Kwara
Leaving its sixth position on the previous month’s list, Kwara experienced a decrease in both all-item and food inflation rates.
#9 Kebbi
In Kebbi, the all-item inflation rate saw a slight increase of 0.23%-points, rising from 35.97% in April to 36.20% in May.
#8 Bayelsa
Bayelsa experienced notable increases in both all-item and food inflation rates, with the all-item inflation rising by 2.66%-points from 34.06% in April to 36.72% in May.
#7 Abia
Dropping from its 10th position on the list in April 2024, Abia had the all-item inflation rate increased slightly by 0.25%-points, from 36.50% in April to 36.75% in May.
#6 Jigawa
Leaving its seventh position on the previous month’s list, Jigawa had minimal changes in both all-item and food inflation rates, with the all-item inflation rate increasing by 0.03%-points, from 37.31% in April to 37.34% in May, and the food inflation rate rising by 0.09%-points, from 42.48% to 42.57%.
The slight increases suggest that the inflation in Jigawa was balanced between food and non-food items.
#5 Lagos
After dropping out of the list for about two consecutive months and returning to the previous month’s list as the ninth most expensive state, Lagos, the commercial hub of Nigeria, experienced small increases in both all-item and food inflation rates.
#4 Osun
From its eighth position in April 2024, Osun State took a step forward to a further position on the list in May 2024.
#3 Oyo
Maintaining the third position on the list from the previous month, Oyo saw a decrease in the all-item inflation rate by 0.65%-points, dropping from 38.37% in April to 37.72% in May.
#2 Kogi
Kogi used to be the most expensive state in Nigeria consecutively.
#1 Bauchi
