by Daniel Edu
The Nigeria Bureau of Statistics (NBS) has unveiled a report highlighting the states with the highest cost of living, based on inflation rates as of August 2023.
According to the latest Consumer Price Index data released by the NBS on Friday, Kogi, Lagos, and Rivers have emerged as the states where the cost of living is most steep. These findings are based on year-on-year inflation rates, with Kogi topping the list at an inflation rate of 31.50 percent, followed closely by Lagos at 29.17 percent, and Rivers at 29.06 percent.
In contrast, Sokoto recorded the lowest year-on-year inflation rate at 20.91 percent, with Borno at 21.77 percent, and Nasarawa at 22.25 percent, demonstrating the slowest increase in overall inflation.
When examined on a month-on-month basis, the trend persisted, with the highest price increases observed in Kwara at 6.07 percent, Osun at 4.36 percent, and Kogi at 4.35 percent for August 2023.
Conversely, Sokoto recorded a month-on-month inflation rate of 1.38 percent, Borno at 1.73 percent, and Ogun at 1.89 percent, marking the slowest rise in inflation during the same period.
The situation was similar for food inflation, with Kogi once again leading with the highest year-on-year food inflation rate at 38.84 percent. Lagos followed closely at 36.04 percent, and Kwara at 35.33 percent.
On the flip side, Sokoto had the lowest year-on-year food inflation at 20.09 percent, Nasarawa at 24.35 percent, and Jigawa at 24.53 percent, indicating a slower rise in food prices.
Regarding month-on-month changes in food prices for the same period, Rivers recorded the highest increase at 7.12 percent, followed by Kwara at 5.89 percent, and Kogi at 5.80 percent. In contrast, Sokoto experienced the lowest month-on-month food inflation at 0.50 percent, while Abuja registered 1.30 percent, and Niger stood at 1.40 percent, signifying the least substantial increases.
The report attributed the surge in food inflation to significant price hikes in various essential food items, including oil and fat, bread and cereals, fish, fruit, meat, vegetables, potatoes, yams, and other tubers, as well as dairy products like milk, cheese, and eggs.
