New data shows Nigeria's 10 most livable states as prices of fish, meat and other products fall

• A new report by the National Bureau of Statistics has announced a decline in inflation rate and food inflation in Nigeria
• According to the NBS report, the headline inflation rate fell by 0.3 percentage points, while the food inflation rate fell by 0.08 percentage points.
• The new inflation figures show that the increase in food prices has slowed compared to the previous month.

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism and has an in-depth knowledge of the Nigerian economy, stock market and general market trends.

The National Bureau of Statistics (NBS) has announced that the inflation rate in Nigeria fell in July 2024.

The office announced this in its latest data on the Consumer Price Index (CPI), which showed a downward trend in the inflation rate for the first time in 19 months.

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Inflation is the decrease in the purchasing power of money, which is reflected in a general increase in the prices of goods and services in an economy.

It is used to measure the cost of living and the burden on households from economic factors.

Higher inflation means a lower value of available money, while low inflation means that the purchasing power of money is maintained or increased.

Inflation data for July 2024

According to the NBS, Nigeria’s inflation rate fell to 33.40% in July, down from 34.19% in June 2024.

Food inflation, the main measure of living costs and overall economic well-being, also fell to 39.53% from 40.87% in June.

Although inflation figures remain high, there are signs of future improvement.

The NBS explained in its report why food inflation fell:

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“The decline can be attributed to the slower rate of increase in the average prices of various items, including canned milk and baby milk powder (in the milk, cheese and eggs category), mudfish, fresh fish (obokun) and snails (in the fish category), date palm fruit (debenu) and watermelon (in the fruit category), garri and akpu (fufu) (in the bread and cereals category), exercise books and textbooks (in the books and stationery category) and turkey meat and minced pork (in the meat category).”

Cheapest States

Based on inflation figures, here are the ten most livable states in Nigeria.

Benue

Benue remains one of the most favourable states to live in in Nigeria, with a relatively low cost of living, with food inflation at 36.4% and all goods inflation at 27.3%.

Both are below the national average.

delta

Delta ranks second as the most affordable state. It has a food inflation rate of 37.6% and a headline inflation rate of 28.1% as of July 2024.

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Borno

Borno is also one of the states with lower cost of living. As of July 2024, the inflation rate for food was 40.3% and the inflation rate for all items was 28.3%, reflecting consistent affordability of the cost of living.

Katsina

With a food inflation rate of 38.3% and a headline inflation rate of 28.6%, Katsina remains one of the more affordable options for Nigerians.

The cost of living in the state remains relatively low compared to many other states.

Taraba

Taraba's food inflation rate is 39%, the inflation rate for all products is 29.1%. The life of the residents is better than others in terms of inflation rate.

Adamawa

Adamawa continues to be one of the states with the lowest cost of living in Nigeria. The food inflation rate is 33.5%, which is the lowest among all states.

The inflation rate for all items is 29.3%, which corresponds to a level of stability compared to previous months.

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Imo

The food inflation rate in Imo is 40.9%, while the overall inflation rate is 30%. Although it is slightly higher, Imo is still one of the more affordable states.

Nassarawa

Nassarawa has a food inflation rate of 36.6% and a headline inflation rate of 31.6%. The state's cost of living remains relatively moderate compared to others.

Ogun

The food inflation rate in Ogun is 37.5% while the inflation rate for all items is 31.6%. The state continues to be a cost-effective choice for its residents.

Enugu

Despite a high food inflation rate of 44.1%, Enugu still maintains its place among the more affordable states in Nigeria as the inflation rate for all items is 32.2% below the national average.

The ten most expensive states to live in

Legit.ng It was previously reported that a new report by the Nigerian Bureau of Statistics (NBS) has identified the ten most expensive states in Nigeria to live in based on inflation.

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In its consumer price index report, the NBS said the inflation rate, which measures price changes in goods and services in the country, rose to 33.69 percent.

The inflation rate in April 2024 is 11.47 percentage points higher than the rate recorded in April 2023, which was 22.22%.

Source: Legit.ng