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Nigeria’s top 10 most expensive states to live in, February 2024

The escalating cost of living in Nigeria has reached unprecedented levels, presenting significant economic challenges nationwide. According to the latest report from the National Bureau of Statistics (NBS), the country’s inflation rate surged to nearly an all-time high of 31.7% in February 2024, underscoring the severe economic strains impacting households across the nation.

 

This inflationary pressure is not evenly distributed and varies significantly across different regions within the country. The following are the top ten states in Nigeria with the highest cost of living as of February 2024:

 

  1. Akwa Ibom:

Akwa Ibom, previously ranked third in January 2024, has now dropped to tenth place. With an overall inflation rate of 33.94% in February 2024, up from 33.16% the previous month, the state’s inflation is primarily driven by soaring food prices.

 

  1. Ondo:

Ranked ninth, Ondo recorded an all-item inflation rate of 33.96% in February 2024, marking an increase from 32.33% in January 2024. The state’s food inflation rate also rose slightly to 41.42%.

 

  1. Abia:

Abia occupies the eighth spot with an all-item inflation rate of 34.33% in February 2024, up from 33.00% in January. Food inflation stands at 41.04%, emphasizing the significant impact of food prices on overall inflation in the state.

 

  1. Ebonyi:

In seventh place, Ebonyi recorded an all-item inflation rate of 34.28% in February 2024, compared to 32.36% in January. Food inflation rose to 41.63%, indicating the crucial role of food prices in driving inflation dynamics.

 

  1. Osun:

Osun ranks sixth with an all-item inflation rate of 34.39% in February 2024, a notable increase from 32.31% in January. Food inflation also rose to 41.88% during the same period.

 

  1. Rivers:

Maintaining its fifth position, Rivers State witnessed a surge in inflation to 35.42% in February 2024, up from 32.74% in January. Food inflation increased to 44.34%, indicating the substantial contribution of food prices to overall inflation.

 

  1. Kwara:

Kwara State recorded an all-item inflation rate of 35.50% in February 2024, a significant rise from 29.79% in January. Food inflation surged to 43.05%, highlighting the increasing cost of living, particularly related to food expenses.

 

  1. Bauchi:

With an all-item inflation rate of 35.62% in February 2024, Bauchi State ranks third, up from 32.37% in January. Food inflation also increased to 31.46%, albeit lower than in previous months.

 

  1. Oyo:

Oyo State experienced a substantial increase in inflation, with an all-item rate reaching 36.60% in February 2024, compared to 34.58% in January. Food inflation rose to 40.30%, indicating the significant impact of food prices on overall inflation.

 

  1. Kogi:

Claiming the top spot, Kogi State remained the most expensive state in Nigeria in February 2024. With an all-item inflation rate of 37.98%, up from 35.78% in January, Kogi experienced a notable increase in food inflation to 46.32%.

 

These figures underscore the dire economic situation facing many Nigerian households, with soaring inflation rates placing immense strain on the cost of living nationwide.

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Written by Realinfoteam

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