Kogi, two Others Top States With the Highest Food Prices – Inflation Report

Advertisements According to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), Kogi, Kwara, […]

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Kogi State Top the List Nigerian States Ranked by Fastest-Rising Food Prices in 2024

According to the latest Consumer Price Index (CPI) report released by the National Bureau of Statistics (NBS), Kogi, Kwara, and Ondo have emerged as the top states with the most expensive food prices in Nigeria. The report, reflecting economic realities, underscores the unprecedented surge in the cost of living experienced nationwide.

In April 2024, headline inflation soared to a record high of 33.69 percent, primarily driven by a notable 40.53 percent increase in food inflation. However, the inflationary pressure on states varied, indicating that the state with the highest cost of living wasn’t necessarily the one with the steepest price hike for goods and services.

Kogi maintained its position as the most expensive state, with an all-items inflation rate of 40.84 percent and a staggering food inflation rate of 48.62 percent. Following closely, Kwara saw its food inflation rise to 46.73 percent, securing the second spot, while its all-items inflation dropped to 37.52 percent.

In Ondo, Osun, and Akwa-Ibom, food inflation hovered around 45.87 percent, 45.62 percent, and 45.09 percent respectively, with corresponding all-items inflation rates of 38.12 percent, 37.17 percent, and 36.03 percent.

Edo State witnessed a significant uptick in both food and all-items inflation, standing at 44.59 percent and 32.72 percent respectively.

Abia and Rivers grappled with all-items inflation rates exceeding 35 percent, primarily fueled by surging food prices averaging 44.53 percent.

Oyo experienced a notable surge in food inflation, reaching 43.53 percent, while Ebonyi State joined the list with inflation rates exceeding 39.18 percent.

Despite its historical dominance in expensive living costs, Lagos State saw a substantial surge in food and all-items inflation rates by 4.74 percent and 4.52 percent respectively, as noted in the report.

The NBS report underscores the varying economic landscapes across states and highlights the challenges posed by rising food prices, signaling the need for concerted efforts to mitigate the impact on consumers and ensure economic stability.

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