Top 10 most expensive states to live in Nigeria

Top 10 most expensive states to live in Nigeria.

The National Bureau of Statistics has reported that Nigeria’s inflation rate rose to 34.80% in December 2024, reflecting a slight increase from the 34.60% recorded in November.

The marginal rise of 0.20% has been attributed to heightened demand for goods and services during the festive season.

On a year-on-year basis, the December inflation rate marked a significant increase of 5.87%-points compared to 28.92 per cent in December 2023.

Enhanced monetary policy discipline will crash Nigeria’s inflation below 20% by 2026 – World Bank 

 December 30, 2024

This highlights a continued upward trajectory in consumer prices, driven by economic challenges such as currency depreciation, high energy costs, and persistent supply chain disruptions.

According to the NBS report, the average inflation rate for the twelve months ending December 2024 stood at 33.24%, up from 24.66% recorded during the same period in 2023.

The latest Consumer Price Index (CPI) report by the National Bureau of Statistics (NBS) highlights the ten states with the highest inflation rates in December 2024. These figures reveal the rising cost of living across Nigeria, driven by both food and non-food components.

The December 2024 CPI report highlights the diverse factors driving inflation across Nigeria’s states. While food inflation remains a dominant factor, non-food components such as energy, transport, and housing also contribute significantly in certain states. The continued rise in inflation highlights the need for policy measures to address structural inefficiencies and ensure price stability nationwide.

Using data from the NBS on inflation rates, here is an analysis of the ten most expensive states in Nigeria in December 2024: 

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 https://nairametrics.com/2025/01/15/top-10-most-expensive-states-to-live-in-nigeria-in-december-2024/