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According to the latest inflation data, Lagos, the commercial capital of Nigeria, has surpassed other states in the country to become the most expensive city to live in.
The inflation rate for Lagos State rose to 25.7% in June, higher than the national average of 22.7%.
This means that the prices of goods and services in Lagos increased by 25.7% compared to the same period last year.
The main factor driving this increase was the removal of fuel subsidies by the federal government, leading to a significant rise in the pump price of petrol in Lagos.
Before the removal, Lagos enjoyed lower fuel prices due to its proximity to ports and major depots.
However, with the subsidy removal, Lagosians now pay almost the same as other Nigerians for fuel.
This increase in fuel prices has had a ripple effect on other sectors of the economy, such as transportation, food, housing, and utilities.
As a result, Lagosians are experiencing the impact of inflation more than ever.
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.
The data also revealed that Lagos had the second-highest food inflation rate in June, indicating the challenges faced by residents in accessing affordable food.
