Bauchi is number one on the top 10 most expensive state in Nigeria. This is according to data released by the National Bureau of Statistics, NBS.
In July 2024, Bauchi’s inflation rate rose by 4.78% from 43.95% in June to 46.05% at the moment. Although food inflation reduced by 2.11%, the NBS said Bauchi ranks as the most expensive state in Nigeria for July 2024. This lends credence to the issue of insecurity and other factors as driving force for the inflation in the state.
Meanwhile, Jigawa ranked second on the list with a huge 11.89% rise in its inflation numbers. Based on the figures, the people of Jigawa experienced 46% inflation in July compared to 36.4% in June. Kebbi is number three on the list with a whopping 37.4% inflation.
Also on the list of most expensive states in Nigeria is Kogi. The North Central state ranks 4th as food inflation rose from 40.14% in June to 46.31% in July, an increase of 15.37%. This shows the extent to which food is the major inflationary factor in Kogi state.
Sokoto and Abia are ranked 5th and 6th most expensive states in Nigeria in July 2024. Meanwhile, Oyo State is the 7th on the list. This was triggered by food inflation which increased from 40.70% in June to 43.26% in July, a 6.30% spike.
Just like Oyo State, Osun saw a major rise in food inflation from 40.39% in June to 44.57% in July, an increase of 10.34%. This means the rising cost of food items made Osun the 8th most expensive state in Nigeria.
Like its South West counterparts, Lagos also witnessed a food inflation spike of 8.25%, making it number 9 in the top 10 list of most expensive states in Nigeria.
Finally, on top number 10 is Gombe. It saw a slight decrease in its all-item inflation rate from 35.55% in June 2024 to 35.48% in July 2024, a marginal reduction of 0.20%.
The top 10 most expensive states in Nigeria is a reflection of the current economic reality in the country. The inflation rate declined in July, dropping from 34.19% in June to 33.40% in July. This is the first inflation decline in Nigeria since December 2022.
Despite the decline in inflation, the cost of food remains in many states. As a result, citizens have to continued to battle rising cost of living and grueling economic hardship.
Meanwhile, Benue, Delta and Borno are the 3 cheapest States in Nigeria for July 2024.
