Shocking Costs: Three Nigerian States With The Highest Living Expenses In 2024

As revealed by the National Bureau of Statistics (NBS), Bauchi, Kebbi, and Sokoto are currently the most expensive states to live in Nigeria, based on the latest consumer price index (CPI)...CONTINUE READING…

and inflation data for October 2024.

The CPI, which tracks changes in the prices of goods and services consumed by households, is a key economic indicator. A rising CPI reflects an increase in prices, leading to reduced purchasing power for individuals and businesses. This, in turn, can negatively impact economic growth, investment, and living standards.

The inflation data published by the NBS highlights Bauchi as having the highest year-on-year inflation rate at 46.68%, followed by Kebbi at 40.02%, and Sokoto at 39.65%. These states have seen a significant rise in living costs, contributing to their high ranking in terms of expense.

In contrast, states like Delta, Benue, and Katsina reported the lowest inflation increases in the same period, with rates of 27.85%, 28.22%, and 29.59%, respectively.

Food inflation was also notably high in Sokoto, which recorded the highest food price increase at 52.18% in October 2024. Edo and Borno followed closely behind with increases of 46.55% and 45.85%, respectively. On the other hand, Kwara, Kogi, and Rivers states experienced the slowest growth in food inflation.

Overall, Nigeria’s inflation rate stood at 33.88% in October 2024, driven by soaring food and petrol prices. Food inflation, in particular, reached a record high of 39.16% during the reviewed period.