- Nigerians are reportedly going through the greatest economic crisis
- The country's inflation rate in May 2024 is 33.95% according to NBS
- Here are the top 10 states with the highest cost of living
The New York Times amplified this, reporting that Nigeria is currently experiencing its worst economic crisis in decades. The National Bureau of Statistics (NBS) also agrees in its most recent report, putting the country's inflation rate in May 2024 at 33.95%.
Although inflation has become a huge thorn in the flesh of Nigerians across the country, the cost of living still differs from one state to another.
Here are the top 10 states that are most expensive to live in Nigeria as of May 2024.
10 most expensive states to live in Nigeria:
1. Bauchi
Bauchi is the most expensive place to live, with an all-item inflation of 42.30% in May. The rate of food inflation increased by 0.50%, from 33.85% to 34.35% in the space of one month.
2. Kogi
Kogi used to be the most costly state in Nigeria. However, the rates of both food and all-item inflation have recently decreased, with the all-item rate falling by 1.46% points, from 40.84% in April to 39.38% in May, and the food inflation rate dropping by 2.31%-points, from 48.62% to 46.31%.
3. Oyo
Oyo had a 0.65%-point decline in its all-item inflation rate from 38.37% in April to 37.72% in May. Additionally, the rate of food inflation dropped by 0.27% points, from 43.53% to 43.26%.
4. Osun
The all-item inflation rate in Osun went from 37.17% in April to 37.45% in May, a rise of 0.28%-points. Nonetheless, the rate of food inflation dropped from 45.62% to 44.57%, a fall of 1.05% points.
5. Lagos
The food inflation rate in Lagos, Nigeria’s commercial capital, grew by 0.04% points, from 42.99% to 43.03%, while the all-item inflation rate jumped by 0.24% points, from 37.15% in April to 37.39% in May.
6. Jigawa
The food inflation rate in May is 42.57%, making it sixth on this list.
7. Abia
Abia saw a 0.25%-point increase in the all-item inflation rate from 36.50% in April to 36.75% in May. On the other hand, the rate of food inflation dropped from 44.56% to 44.01%, a fall of 0.55% points.
8. Bayelsa
Both the all-item and food inflation rates in Bayelsa increased noticeably; the all-item inflation increased by 2.66% points from 34.06% in April to 36.72% in May. Additionally, the rate of food inflation increased by 1.75% points, from 40.54% to 42.29%.
9. Kebbi
The all-item inflation rate in Kebbi increased by 0.23% points in April to 36.20% in May, marking a minor increase. Concurrently, there was a little decline in the food inflation rate of 0.09 percentage points, from 38.59% to 38.50%.
10. Kwara
Kwara had a drop in the rates of both food and all-item inflation, falling from sixth place on the list from the previous month. From 37.52% in April to 36.19% in May 2024, the all-item inflation rate decreased by 1.33% percentage points. From 46.73% to 44.66% last month, there was a 2.07-point drop in the food inflation rate.