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NBS Reveals Nigeria’s Most Expensive States Amid Rising Inflation

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NBS Reveals Nigeria’s Most Expensive States Amid Rising Inflation

 

Abuja, Nigeria — The National Bureau of Statistics (NBS) has identified Bauchi, Kogi, and Oyo as the most expensive states in Nigeria on a year-on-year basis, recording the highest all-items inflation rates in May 2024. This was disclosed in the latest May Consumer Price Index and Inflation report released on Saturday.

 

According to the report, Bauchi led the year-on-year inflation rate with 42.30 percent, followed by Kogi at 39.38 percent, and Oyo at 37.73 percent. Conversely, Borno (25.97 percent), Benue (27.74 percent), and Delta (28.67 percent) experienced the slowest rise in headline inflation year-on-year.

 

On a month-on-month basis, the most significant increases in inflation were observed in Kano (4.24 percent), Gombe (4.06 percent), and Bauchi (3.75 percent). Meanwhile, Ondo (0.57 percent), Kwara (1.19 percent), and Yobe (1.24 percent) saw the slowest rise in month-on-month inflation.

NBS
NBS

The report also highlighted the states with the highest food inflation rates. Kogi topped the list with a year-on-year food inflation rate of 46.32 percent, followed by Ekiti at 44.94 percent, and Kwara at 44.66 percent. On the other end of the spectrum, Adamawa (31.72 percent), Bauchi (34.35 percent), and Borno (34.74 percent) had the slowest rise in food inflation year-on-year.

 

For month-on-month food inflation, Gombe led with 4.88 percent, followed by Kano at 4.68 percent, and Bayelsa at 3.62 percent. Ondo (0.02 percent), Yobe (0.95 percent), and Adamawa (1.02 percent) recorded the slowest increase in food inflation on a month-on-month basis.

 

These insights from the NBS report provide a detailed view of the inflation trends affecting various states in Nigeria, emphasizing the significant economic challenges faced by residents in the most impacted areas.

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