Based on the highest cost of living, Bauchi, Kebbi, and Sokoto are currently the most expensive states in Nigeria, as reported by the National Bureau of Statistics (NBS).
This information was disclosed in the October consumer price index and inflation statistics.
Torizone reports that the Consumer Price Index (CPI) is a key economic indicator that measures the average change in prices of foods/goods and services consumed by households over time.
In Nigeria, the NBS is responsible for monthly calculating and publishing the CPI.
It is worth noting that a higher CPI indicates that prices have increased, leading to a decrease in purchasing power.
High inflation erodes a country's currency's value, making it more expensive for individuals and businesses to purchase goods and services.
This can negatively impact economic growth, investment, and overall living standards. Factors such as exchange rate fluctuations, rising food prices, and energy costs can contribute to inflation in Nigeria.
Data made available to the public domain by the NBS recently indicates that Bauchi State experienced the most significant year-on-year inflation rate at 46.68 per cent in October 2024, followed by Kebbi at 40.02 per cent and Sokoto at 39.65 per cent.
Conversely, Delta (27.85 per cent), Benue (28.22 per cent), and Katsina (29.59 per cent) reported the lowest increases in headline inflation on a year-on-year basis.
Regarding food inflation, Sokoto recorded the highest rate at 52.18 per cent in October 2024, with Edo at 46.55 per cent and Borno at 45.85 per cent. Meanwhile, Kwara (31.68 per cent), Kogi (33.30 per cent), and Rivers (33.87 per cent) experienced the slowest growth in food inflation year-on-year.
It is worth noting also that the surge in food and petrol prices has driven Nigeria's overall inflation rate to 33.88 per cent in October.
Additionally, Nigeria's food inflation reached an unprecedented high of 39.16 per cent during the reviewed period.
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