The National Bureau of Statistics (NBS) has revealed that Bauchi, Kogi, and Oyo are the three most expensive states in Nigeria based on year-on-year inflation rates, according to the latest May Consumer Price Index and Inflation report.
In May 2024, Bauchi recorded the highest All-Items inflation rate at 42.30 percent, followed by Kogi with 39.38 percent and Oyo with 37.73 percent. On the other hand, Borno, Benue, and Delta had the slowest rise in Headline inflation on a year-on-year basis.
When considering month-on-month inflation rates, Kano, Gombe, and Bauchi were identified as the most expensive states in Nigeria in May 2024. They recorded the highest increases at 4.24 percent, 4.06 percent, and 3.75 percent, respectively. Conversely, Ondo, Kwara, and Yobe had the slowest rise in month-on-month inflation during that period.
With regards to food inflation, Kogi, Ekiti, and Kwara were reported to have the highest year-on-year rates. Food inflation stood at 46.32 percent in Kogi, 44.94 percent in Ekiti, and 44.66 percent in Kwara. On the other hand, Adamawa, Bauchi, and Borno had the slowest rise in food inflation on a year-on-year basis.
In terms of month-on-month food inflation, Gombe, Kano, and Bayelsa experienced the highest increases in the reviewed period, while Ondo, Yobe, and Adamawa had the slowest rise.
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