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Kogi, Lagos, Rivers most expensive states to reside

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The latest Consumer Price Index data released by the Nigeria Bureau of Statistics revealed that Kogi, Lagos, and Rivers are the most expensive states to live in, based on inflation rates for August 2023.

On a year-on-year basis, Kogi led the way with the highest all-items inflation rate at 31.50 per cent, followed closely by Lagos at 29.17 per cent and Rivers at 29.06 per cent.

In contrast, Sokoto recorded 20.91 per cent, Borno 21.77 per cent, and Nasarawa 22.25 per cent recorded the slowest rise in headline inflation on a year-on-year basis.

When examined on a month-on-month basis, the trend continued, with August 2023 seeing the highest increases in Kwara at 6.07 per cent, Osun 4.36 per cent, and Kogi 4.35 per cent, while Sokoto recorded 1.38 per cent, Borno 1.73 per cent, and Ogun 1.89 per cent recorded the slowest rise in month-on-month inflation.

Specifically for food inflation, the figures for August 2023 showed a similar pattern, with Kogi again taking the lead with the highest year-on-year basis food inflation rate at 38.84 per cent. Lagos followed closely at 36.04 per cent, and Kwara at 35.33 per cent.

On the other hand, Sokoto 20.09 per cent, Nasarawa 24.35 per cent, and Jigawa 24.53 per cent recorded the slowest rise in food inflation on a year-on-year basis.

On a month-on-month basis for the same period, Rivers at 7.12 per cent, Kwara 5.89 per cent, and Kogi 5.80per cent recorded the highest increases, while Sokoto recorded 0.50 per cent, Abuja 1.30 per cent, and Niger 1.40 per cent experienced the slowest rise in food inflation.

The report noted that the surge in food inflation can be attributed to significant price hikes in various essential food items, including oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yam, and other tubers, vegetables, milk, cheese, and eggs.