The National Bureau of Statistics (NBS) has released new data indicating that Kogi state currently has the highest cost of living, making it one of the most expensive Nigerian states to reside in.
According to the NBS, all-items inflation, which measures price changes across a broad range of goods and services in an economy, was highest in Kogi state, at 31.50 per cent on a year-on-year basis.
Economic hubs such as Lagos and Rivers state followed closely, with inflation rates of 29.17 per cent and 29.06 respectively.
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On the other hand, the states least imparted by inflation were Sokoto at 20.91 per cent, Borno at 21.77 per cent and Nasarawa at 22.25 per cent.
In addition, Kogi state is currently the most expensive state to get essential food items such as dairy products, yams, cereals, meat and vegetables.
According to the report, the rise in food inflation could be attributed to steep price increases in several food items, which have been impacted by major economic decisions in rent months.
Economic experts have linked these recent inflationary pressures to decisions such as removing fuel subsidies and consolidating multiple exchange rates into a single rate.
However, it is worth noting that Kwara state was most impacted by inflation in August 2023 with a 6.07 per cent increase from the previous month.
