Nigeria’s annual inflation rate edged higher to 33.95 percent in May 2024, marking a slight increase from 33.69 percent in April 2024.
This uptick represents the seventeenth consecutive month of rising inflation, according to the latest data released by the National Bureau of Statistics (NBS).
Despite the year-on-year increase, the month-on-month headline inflation experienced a modest decline, dropping to 2.14 percent in May 2024 from 2.29 percent in April 2024.
This marks the second consecutive month of slowing inflation since a peak in October 2023, suggesting a gradual stabilization in monthly price increases.
The NBS report highlighted the major contributors to the inflationary pressure in the country. Food and non-alcoholic beverages continue to lead with a 17.59 percent increase, significantly impacting the overall index.
Housing, water, electricity, gas, and other fuels followed with a 5.68 percent rise. Other notable increases were observed in clothing and footwear at 2.60 percent, transport at 2.21 percent, and furnishings, household equipment, and maintenance at 1.71 percent.
The inflation landscape across Nigeria showed notable regional disparities. The all-items inflation rate on a year-on-year basis was highest in Bauchi, Kogi, and Oyo states, indicating more pronounced economic pressures in these regions.
Conversely, Borno, Benue, and Delta states recorded the slowest rise in headline inflation, suggesting some degree of economic resilience or different local conditions affecting price levels.
Here are the ten most expensive states to live in, according to the NBS:
Bauchi
Bauchi is the most expensive state in Nigeria, with core inflation of 42.3 percent and food inflation of 34.35 percent. Month-on-month, Bauchi’s core inflation stood at 3.75 percent, while food inflation stood at 2.94 percent.
Kogi
In May 2024, Kogi State ranked as the second most expensive state to live in after it recorded a core inflation rate of 39.38 percent and a food inflation rate of 46.32 percent. The state’s m-o-m inflation rate stood at 1.75 percent, and food inflation was 1.78 percent.
Oyo
Oyo state recorded a core inflation rate of 37.73 percent, and a food inflation rate of 43.26 percent. Core inflation stood at 1.95 percent m-o-m, while food inflation was 2.78 percent.
Osun
Osun’s inflation was 37.44 percent, and food inflation was 44.57 percent. The state recorded a core inflation rate of 3.26 percent m-o-m, while food inflation stood at 2.70 percent.
Lagos
Lagos State has an inflation rate of 37.39 percent and a food inflation rate of 43.02 percent. On a m-o-m basis, Lagos recorded a core inflation rate of 2.13 percent, and food inflation of 2.44 percent.
Jigawa
Jigawa state recorded a core inflation rate of 37.34 percent, while food inflation stood at 42.56 percent. On a m-o-m basis, the state recorded a core inflation rate of 2.44 percent, while food inflation increased to 2.39 percent.
Abia
Abia’s core inflation rate in May was 36.74 percent, with food inflation at 44.02 percent. The state’s m-o-m inflation rate stood at 1.59 percent, with food inflation at 1.61 percent.
Bayelsa
Bayelsa state recorded a core inflation rate of 36.72 percent, with food inflation at 42.29 percent. The state recorded a m-o-m inflation rate of 3.54 percent, with food inflation at 3.62 percent.
Kebbi
The core inflation rate in Kebbi state stood at 36.21 percent, with food inflation at 42.29 percent. The state recorded a m-o-m inflation rate of 2.39 percent, with food inflation at 2.42 percent.
Kwara
Kwara’s core inflation rate was 36.19 percent, and food inflation was 38.51 percent. The state recorded an inflation rate of 1.75 percent m-o-m, and food inflation was 1.78 percent.