Ekiti, Osun emerge most expensive States in Southwest, NBS reveals

A report by the National Bureau of Statistics (NBS) has revealed Ekiti and Osun as the most expensive states, while Ondo is the least expansive state in the Southwestern region of Nigeria.

The NBS in its rebased Consumer Price Index (CPI) report on inflation rate announced 23.71 per cent inflation rate for April 2025, a 9.99 per cent Year-on-Year (YoY decline from 33.69 per cent reported in April 2024. 

According to the NBS report, Ekiti and Osun states’ inflation rates stood at 33.98 per cent and 23.32 per cent in April 2025, as Ondo state inflation rate as of April 2025 was at 13.42 per cent.

Other States, Ogun (20.91 per cent), Lagos (22.75 per cent), Oyo (18.73per cent).

In terms of food inflation rate, Ekiti stood at 34.05 per cent and Osun state at 32.41per cent as of April 2025. 

The sharp food inflation in Osun and Ekiti also raises concerns about food affordability and access.

Monthly data also shows strong inflationary pressure—food inflation surged by 16.7 per cent month-on-month (MoM) and overall prices by 11per cent YoY. This sharp, short-term rise suggests an aggressive price pass-through in April, potentially driven by local supply disruptions or market inefficiencies.

While the national inflation rate shows a modest decline, monthly data indicate ongoing volatility, particularly in food and energy prices.

Consumers in many states continue to grapple with the rising cost of essential goods and services, highlighting the need for targeted economic policies that address regional disparities.

The NBS noted that the food inflation rate in April 2025 was 21.26per cent on a year-on-year basis. This was 19.27perentage points lower compared to the rate recorded in April 2024 (40.53per cent). The significant decline in the food annual inflation figure is technically due to the change in the base year.

However, on a MoM basis, the food inflation rate in April 2025 was 2.06per cent, down by 0.12per cent compared to March 2025 (2.18%). The de[1]crease can be attributed to the rate of decrease in the average prices of Maize (Corn) Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara beans, Brown Beans, etc.

The average annual rate of Food inflation for the twelve months ending April 2025 over the previous  twelve-month average was 31.43per cent, which was 1.31percentage points lower compared with the average annual  rate of change recorded in April 2024 (32.74per cent).