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5 most expensive states to live in Nigeria in February 2024

5 most expensive states to live in Nigeria in February 2024 


5 most expensive states to live in Nigeria in February 2024



Nigeria’s economic scene is currently wrestling with unprecedented challenges as the cost of living skyrockets to levels previously unseen.



A recent report from the National Bureau of Statistics (NBS) has put the nation’s inflation rate at a staggering 29.90%, underscoring the severe economic pressures reshaping the cost of living across the country.


 

This inflationary pressure is not evenly distributed, with its impact varying significantly across different subnational regions.



The NBS’s detailed analysis for February 2024 brings to the forefront the underlying causes driving this surge in inflation.



Key among these is the sharp rise in food prices, exacerbated by security challenges in critical agricultural zones and a spike in transportation costs, among other factors. 



The report further contains the top 5 most expensive states in Nigeria in February 2024. This crucial data provides a clearer picture of the economic distress experienced by Nigerians in various states, highlighting the urgency of addressing these inflationary pressures. Below is the list of the 5 most expensive states in Nigeria in February 2024: 



 5. Rivers  

Ranking 5th on the list is Rivers state, with a 32.74% inflation rate in February 2024, an increase from the 32.15% recorded the previous month. 


The food inflation is higher at 40.1%, but an increase from December’s 38.6%, suggesting that food is a major driver of inflation in this state.



4. Abia  

Abia State also makes the list with an all-items inflation rate of 33% in February 2024, an increase from 31.28% recorded in December 2023. 


Food inflation picks up at 39.6%, a notable uptick from December’s 37.2%, indicating a growing trend of increased living expenses, especially related to food.



  3. Akwa Ibom  

Maintaining the 3rd spot is Akwa Ibom State, reporting an all-items inflation rate of 33.16% in February 2024, marking an increase from December’s 31.08%.  


Notably, the food inflation rate increased to 40%, compared to December’s 37.4%.  



 2. Oyo  

Oyo unseats Lagos to become the second most expensive state in Nigeria, with an all-items inflation rate of 34.58% in February 2024, a significant increase from December’s 31.29%. 


The food inflation rate is 37.3%, showing an increase from December’s 34.3%, which means that food is a major driver of inflation in this state.  



1. Kogi  

As usual, Kogi tops the chart as the most expensive state in Nigeria in February 2024. It recorded an all-items inflation rate of 35.78% from 35.57% in December of the same year. 


However, the food inflation rate slowed to 44.2%, a slight decrease from the previous month’s 44.7%. Despite the slight decrease, Kogi still has the highest food inflation in Nigeria.

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