In the latest updates from the Nigeria Bureau of Statistics, a comprehensive analysis of the Consumer Price Index data for August 2023 has shed light on the cost of living in different states. Notably, Kogi, Lagos, and Rivers have emerged as the most expensive states to reside in, primarily due to inflation rates.
On a year-on-year comparison, Kogi leads the pack with an alarming all-items inflation rate of 31.50 percent. Following closely are Lagos at 29.17 percent and Rivers at 29.06 percent. These numbers underscore the economic challenges facing residents in these states.
In contrast, Sokoto recorded a relatively lower inflation rate at 20.91 percent, Borno at 21.77 percent, and Nasarawa at 22.25 percent, making them the states with the slowest rise in headline inflation on a year-on-year basis.
Taking a closer look at month-on-month data, the trends persist. August 2023 witnessed the steepest price hikes in Kwara at 6.07 percent, Osun at 4.36 percent, and Kogi at 4.35 percent. Conversely, Sokoto recorded a mere 1.38 percent increase, while Borno and Ogun experienced a 1.73 percent and 1.89 percent rise in month-on-month inflation, respectively.
Shifting the focus to food inflation, the numbers for August 2023 paint a similar picture. Kogi takes the lead yet again with a staggering year-on-year food inflation rate of 38.84 percent. Lagos closely follows at 36.04 percent, with Kwara not far behind at 35.33 percent.
On the flip side, Sokoto at 20.09 percent, Nasarawa at 24.35 percent, and Jigawa at 24.53 percent record the slowest rise in food inflation on a year-on-year basis.
Analyzing food inflation on a month-on-month basis for the same period, Rivers stands out with a 7.12 percent increase, trailed by Kwara at 5.89 percent and Kogi at 5.80 percent. Meanwhile, Sokoto reports a meager 0.50 percent rise, with Abuja and Niger experiencing slight increases of 1.30 percent and 1.40 percent, respectively.
The report attributes 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, vegetables, milk, cheese, and eggs.