Nigeria : Lagos now most expensive state in Nigeria
on 2023/7/18 11:15:08

Click to see original Image in a new window
Lagos, the commercial capital of Nigeria, has overtaken other states in the country to become the most expensive city to live in, according to the latest inflation data.

The National Bureau of Statistics (NBS) reported that the inflation rate for Lagos State rose to 25.7% in June, compared to the national average of 22.7%.

This means that the prices of goods and services in Lagos State increased by 25.7% compared to the same period last year.

The NBS also revealed that on a monthly basis, Lagos recorded the highest inflation rate of 2.7% in June, indicating a faster pace of price changes than other states.

The main driver of this increase was the removal of fuel subsidies by the federal government, which led to a sharp rise in the pump price of petrol in Lagos.

Before the removal, Lagos enjoyed a lower fuel price than other states due to its proximity to ports and major depots eliminating some of the transportation costs associated with petrol distribution.

Lagosians also enjoyed the benefits of fuel subsidy as it was widely implemented across the state.

However, with the subsidy removal, Lagosians now pay almost the same as other Nigerians for fuel with fuel prices jumping more than 2 folds from N180/ltr to about N490/ltr

Before June, the most expensive states to live in, in Nigeria were Ondo State, Rivers State and Kogi State, with inflation rates of 25.8%, 25.7% and 25% respectively.

However, these states recorded lower inflation rates in June, as they benefited from the trailing effect of higher inflation rates. Ondo State had an inflation rate of 25.4%, Kogi State had 25.2%, and Rivers State 24.1%

The high cost of fuel has a ripple effect on other sectors of the economy, such as transportation, food, housing and utilities.

As a result, Lagosians are feeling the pinch of inflation more than ever.

The NBS data showed that Lagos had the second-highest food inflation rate of 30.4% in June, trailing Kwara State with 30.8%. Kogi (29.7%), and Ondo (29.2%), also recorded high food inflation rates.

Previous article - Next article Printer Friendly Page Send this Story to a Friend Create a PDF from the article

Other articles
2023/7/22 15:36:35 - Uncertainty looms as negotiations on the US-Kenya trade agreement proceeds without a timetable
2023/7/22 13:48:23 - 40 More Countries Want to Join BRICS, Says South Africa
2023/7/18 13:25:04 - South Africa’s Putin problem just got a lot more messy
2023/7/18 13:17:58 - Too Much Noise Over Russia’s Influence In Africa – OpEd
2023/7/18 11:15:08 - Lagos now most expensive state in Nigeria
2023/7/18 10:43:40 - Nigeria Customs Intercepts Arms, Ammunition From US
2023/7/17 16:07:56 - Minister Eli Cohen: Nairobi visit has regional and strategic importance
2023/7/17 16:01:56 - Ruto Outlines Roadmap for Africa to Rival First World Countries
2023/7/17 15:47:30 - African heads of state arrive in Kenya for key meeting
2023/7/12 15:51:54 - Kenya, Iran sign five MoUs as Ruto rolls out red carpet for Raisi
2023/7/12 15:46:35 - Ambassador-at-Large for Global Women’s Issues Gupta Travels to Kenya and Rwanda
2023/7/2 14:57:52 - We Will Protect Water Catchments
2023/7/2 14:53:49 - Kenya records slight improvement in global peace ranking
2023/7/2 13:33:37 - South Sudan, South Africa forge joint efforts for peace in Sudan
2023/7/2 12:08:02 - Tinubu Ready To Assume Leadership Role In Africa
2023/7/2 10:50:34 - CDP ranks Nigeria, others low in zero-emission race
2023/6/19 15:30:00 - South Africa's Ramaphosa tells Putin Ukraine war must end
2023/6/17 15:30:20 - World Bank approves Sh45bn for Kenya Urban Programme
2023/6/17 15:25:47 - Sudan's military govt rejects Kenyan President Ruto as chief peace negotiatorThe Sudanese military government of Abdel Fattah al-Burhan has rejected Kenyan President William Ruto's leadership of the "Troika on Sudan."
2023/6/17 15:21:15 - Kenya Sells Record 2.2m Tonnes of Carbon Credits to Saudi Firms

The comments are owned by the author. We aren't responsible for their content.