The National Bureau of Statistics recently released data revealing that Kogi State has emerged as the most expensive state to live in Nigeria, followed closely by Bauchi and Oyo states.
These rankings are based on year-on-year inflation rates. According to the NBS data on Consumer Price Index released on Wednesday, in April 2024, the headline inflation rate increased to 33.69 per cent relative to the March 2024 head-line inflation rate which was 33.20 per cent.
Looking at the movement, the April 2024 headline inflation rate showed an increase of 0.49 per cent points when compared to the March 2024 headline inflation rate.
In April 2024, All Items inflation rate on a year-on-year basis was highest in Kogi (40.84 per cent), Bauchi (39.91 per cent), Oyo (38.37 per cent), Borno (26.09 per cent), Benue (27.53 per cent), and Taraba (28.69 per cent) recorded the slowest rise in Headline inflation on a Year-on-Year basis.
On a month-on-month basis, however, April 2024 recorded the highest increases in Lagos (4.52 per cent), Ondo (3.35 per cent), Edo (3.27 per cent), while Kano (0.30 per cent), Ebonyi (0.97 per cent) and Adamawa (1.25 per cent) recorded the slowest rise in month-on-month inflation.
In April 2024, Food inflation on a Year-on-Year basis was highest in Kogi (48.62 per cent), Kwara (46.73 per cent), Ondo (45.87 per cent), while Adamawa (33.61 per cent), Bauchi (33.85 per cent) and Nasarawa (34.03 per cent), recorded the slowest rise in food inflation on a Year-on-Year basis.
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