According to the latest report from the National Bureau of Statistics (NBS), Nigeria’s inflation rate surged to an alarming 31.7% in February 2024, signaling significant economic strains affecting the cost of living nationwide.
In February, Oyo State surpassed Lagos to claim the title of the second most expensive state in Nigeria, with an all-items inflation rate of 36.60%, a notable increase from January’s 34.58%. Meanwhile, Kogi maintained its position as the most expensive state, recording an all-items inflation rate of 37.98%, up from January’s 35.78%.
Following closely, Bauchi ranked third with an all-items inflation rate of 35.62% in February, compared to January’s 32.37%. Food inflation also rose to 31.46%, marking a significant uptick from January’s 28.83%.
Kwara State joined the list with an all-items inflation rate of 35.50% in February, notably higher than January’s 29.79%. Food inflation spiked to 43.05%, reflecting escalating living expenses, particularly in food-related costs.
Maintaining its position, Rivers State ranked fifth with a 35.42% inflation rate in February, up from 32.74% in January. Food inflation surged to 44.34%, indicating the substantial impact of food prices on overall inflation.
Osun State secured the sixth spot with an all-items inflation rate of 34.39% in February, a significant increase from January’s 32.31%. Food inflation rose to 41.88%, underscoring the mounting pressure on food affordability.
In seventh place, Ebonyi State reported an all-items inflation rate of 34.28% in February, up from January’s 32.36%. Food inflation soared to 41.63%, highlighting the significant role of food prices in driving inflation.
Moving up to eighth position, Abia State recorded an all-items inflation rate of 34.33% in February, compared to January’s 33.00%. Food inflation surged to 41.04%, accentuating the impact of food costs on overall inflation in the state.
Ondo State claimed the ninth position with an all-items inflation rate of 33.96% in February, up from January’s 32.33%. Food inflation edged up to 41.42%, indicating a slight increase in food-related expenses.
Lastly, Akwa Ibom slid to the tenth position in February, with an all-items inflation rate of 33.94%, compared to January’s 33.16%. Food inflation rose to 41.44%, emphasizing the influence of food prices on inflationary trends in the state.
These inflationary pressures underscore the challenges facing various states across Nigeria and the urgent need for targeted interventions to mitigate the impact on citizens’ standard of living.
