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Unveiling the 15 Costliest States in June 2024’s Economic Landscape

Last Updated on 18 July 2024 by Naijadazz

Nigeria’s economic landscape continues to evolve, with inflation rates painting a vivid picture of the cost of living across different states. The latest Consumer Price Index (CPI) data from the National Bureau of Statistics (NBS) for June 2024 reveals a persistent upward trend in inflation rates, affecting both overall prices and food costs. The nation’s headline inflation rate surged to 34.19% in June 2024, marking a 0.24 percentage point increase from May’s 33.95%. Food inflation reached a staggering 40.87% in June 2024, highlighting the growing struggle many Nigerians face in affording basic necessities.

Based on the latest NBS data, here’s an analysis of the 15 most expensive states to live in Nigeria as of June 2024:

Abia

Abia recorded an all-item inflation rate of 37.04% in June 2024, slightly up from May’s 36.75%. Food inflation also rose to 44.28%, indicating persistent challenges in food affordability. The state’s high food inflation rate suggests potential issues in agricultural productivity or food distribution channels. Abia’s government might need to focus on boosting local food production and improving supply chains to address these challenges. The persistent rise in inflation rates reflects broader economic pressures that need immediate attention.

Akwa Ibom

Akwa Ibom’s estimated inflation rate stands at 36.30%, with food inflation around 40.50%. These figures suggest significant economic pressures, particularly related to food prices. The high food inflation rate could be indicative of challenges in local food production or distribution. State authorities might need to focus on agricultural development and improving food supply chains to address these issues. The rising costs are putting a strain on household budgets across the state.

Anambra

Anambra faces severe economic challenges, with an estimated inflation rate of 36.20% and food inflation at 40.40%. These high figures, particularly in food costs, suggest potential issues in local agriculture and distribution. The state government may need to address agricultural productivity and supply chain efficiency. These economic pressures are likely having a significant impact on residents’ daily lives.

Bauchi

Bauchi leads the pack with an all-item inflation rate of 43.95%, up from 42.30% in May. Interestingly, its food inflation rate of 34.78% is lower than many other states, suggesting that non-food items are driving the overall inflation. This unique situation in Bauchi raises questions about the specific economic factors at play in the state. The government may need to investigate and address the root causes of this high general inflation rate to alleviate the economic pressure on residents. The high inflation rate is a significant concern for both policymakers and residents.

Cross River

Cross River’s estimated inflation rate is 36.25%, with food inflation approximately 40.45%. These figures reflect enormous economic challenges, especially in the food sector. The high food inflation rate suggests potential issues with agricultural productivity or food distribution in the state. Cross River’s government might need to implement targeted policies to boost food production and improve affordability. The economic strain is being felt across various sectors in the state.

Edo

Edo’s estimated inflation rate is 36.28%, with food inflation around 40.48%. These figures indicate significant inflationary pressures, particularly in the food sector. The high food inflation rate suggests challenges in meeting the nutritional needs of the population at affordable prices. Edo’s authorities might need to focus on agricultural development and improving food supply chains to address these issues. The rising costs are impacting the overall economic stability of the state.

Ekiti

Ekiti is grappling with an estimated inflation rate of 36.22%, with food prices inflating at 40.42%. These statistics highlight substantial economic strains, especially concerning food affordability. The high food inflation underscores the difficulties in ensuring accessible nutrition for the population. To mitigate these challenges, Ekiti’s authorities may need to prioritize agricultural development and enhance food distribution networks. These economic pressures are significantly impacting the quality of life for many residents

Jigawa

Jigawa showed a marginal decrease in inflation to 36.42% from 37.34% in May. Food inflation reduced to 41.19%, indicating some improvement in food affordability. The slight decrease in both overall and food inflation in Jigawa could suggest that some economic measures are starting to take effect. However, the rates remain high, indicating that continued efforts are needed to further reduce the cost of living in the state. The economic pressures are still significant and require ongoing attention.

Kogi

Kogi follows closely with an all-item inflation rate of 39.91%, up from 39.38% in May. Food inflation remains persistently high at 46.37%, indicating significant challenges in the agricultural and food distribution sectors. The state’s high food inflation rate suggests that residents are facing substantial difficulties in affording basic nutrition. Kogi’s government might need to implement targeted policies to address food security and affordability issues. The economic strain is particularly severe in the food sector.

Kwara

Kwara saw its inflation rate increase to 36.64% from 36.19% in May. Food inflation remained high at 44.57%, reflecting ongoing challenges in the food sector. The persistent high food inflation in Kwara suggests structural issues in the state’s agricultural sector or food distribution networks. State authorities might need to implement targeted policies to boost food production and improve distribution efficiency. The economic pressures are affecting both urban and rural areas.

Lagos

The commercial hub recorded an inflation rate of 36.37%, lower than May’s 37.39%. Food inflation remained high at 40.64%, reflecting the challenges of feeding Nigeria’s most populous city. Despite the slight decrease, Lagos’s inflation rate remains a concern given its status as the country’s economic powerhouse. The high food inflation rate in particular highlights the challenges of meeting the nutritional needs of a rapidly growing urban population. The cost of living continues to rise, impacting residents’ daily lives.

Ondo

Another new entrant, Ondo’s inflation rate jumped to 37.05% from 35.61% in May. Food inflation climbed to 43.48%, suggesting growing challenges in the agricultural sector. The significant increase in Ondo’s inflation rate indicates rapidly changing economic conditions in the state. State authorities might need to investigate the causes of this sudden spike and implement targeted interventions to curb the rising cost of living. The economic pressures are affecting various sectors in the state.

Osun

Osun experienced a slight decrease in inflation to 36.58% from May’s 37.45%. Food inflation stood at 43.23%, still representing a significant burden on households. The marginal decrease in Osun’s inflation rate could indicate the beginning of a positive trend. However, the still-high food inflation rate suggests that more needs to be done to address food affordability in the state. The economic challenges remain significant and require ongoing attention.

Oyo

Oyo maintains its third position with an inflation rate of 39.14%, up from 37.72% in May. Food inflation increased to 44.37%, reflecting growing challenges in the state’s food supply chain. The consistent high ranking of Oyo suggests persistent economic pressures that may require long-term structural solutions. The state government might need to focus on boosting local food production and improving distribution networks to combat rising food prices. The economic pressures are impacting residents’ quality of life.

Rivers

Rivers, a newcomer to the top ranks, saw its inflation rate rise to 37.20% from 36.00% in May. Food inflation reached 43.22%, indicating significant pressure on household budgets. The sudden rise in Rivers’ inflation rate could be attributed to various factors, including potential disruptions in the oil and gas sector, a key economic driver in the state. The state government may need to diversify its economy and implement measures to stabilize food prices to mitigate these inflationary pressures. The economic challenges are impacting both urban and rural areas.

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