ON Tuesday, September 19, a verified X user, MohdBashir Olanrewaju Abdulyekeen, with the handle: @Abdyekeen_Bash claimed that the National Bureau of Statistics (NBS) has ranked Kwara as the third most expensive state to live in Nigeria.
According to him, the NBS stated this in its latest Consumer Price Index report for the month of August 2023 which documents both food and all items inflation rates.
His post read:
“Inflation rates serve as a vital economic barometer, offering insights into a nation’s economic health. However, these rates affect states differently within a country, reflecting varying economic conditions. Given their direct impact on the cost of living, it’s essential to identify which states in Nigeria are the most expensive to live in based on their current inflation rates.
“After providing a comprehensive overview, this ranking considers both August Food Inflation and All Items Inflation rates, as these indicators significantly influence daily life.
“Kwara State under the current administration of @RealAARahman.
-Food Inflation: 35.3%
– All Items Inflation: 26.9%
“Kwara’s inflation rates position it as the third (3RD) most expensive state to reside in Nigeria, despite lacking the commercial status of Lagos.
“This high inflation rate has caused a serious economic meltdown where SMEs are unable to survive the harsh economic conditions as well as migration of the labor force from the State to other neighboring states which will further deplict or reduce the IGR drastically.
“Since the reelection of gov AA, he has left the business of governance to some very inexperienced few and then relocated to Abuja where he’s serving as the NGF chair.
“Everywhere in the world, we know that poor Economic decline resorts to insecurity and many societal vices, the reason innocent lives are being lost to cult clashes, kidnapping on the outskirts of the city and the state and banditry which are alien to our day-to-day activities in the state long before now.
“If Gov @RealAARahman is unable to combine the role of a governor and that of NGF, I will advise he resign one for the other to improve our standard of living and economic lives as a people and a State.”
His claim is coming amidst hardship Nigerians are facing following the removal of petrol subsidy by the Nigerian president Bola Ahmed Tinubu, about four months ago. Tinubu later promised to ease the hardship in a national broadcast in July.
The National Bureau of Statistics ranked Kwara as the third most expensive state to live in Nigeria.
Findings by The FactCheckHub show that the claim is MISLEADING.
The Consumer Price Index (CPI) released by the National Bureau of Statistics shows that Nigeria’s headline inflation rate rose to 25.80 per cent in August 2023, an increase from 24.08 per cent recorded in July.
The report released on Friday, September 15, 2023, stated that the significant increase reflects the impact of the removal of petrol subsidies and the devaluation of the official exchange rate on consumer prices.
The food inflation rate rose to 29.34% in August 2023, representing a 2.35% point increase from 26.98% recorded in the previous month.
According to the report, in August, all items inflation rate on a year-on-year basis was highest in Kogi (31.50%), Lagos (29.17%), and Rivers (29.06%), while Sokoto (20.91%), Borno (21.77%) and Nasarawa (22.25%) recorded the slowest rise in headline inflation on a year-on-year basis.
Food inflation on a year-on-year basis was highest in Kogi (38.84%), Lagos (36.04%), and Kwara (35.33%), while Sokoto (20.09%), Nasarawa (24.35%) and Jigawa (24.53%) recorded the slowest rise in food inflation on a year-on-year basis, according to the report. This means Kwara State is ranked among the top three in the food inflation rate.
However, a look at the report shows that the state is not among the top three states with the highest headline inflation rate.
For clarity, food inflation refers to the increase in the prices of food items over time. It is typically measured as a percentage change in the average prices of a basket of commonly consumed food products, such as grains, rice, fruits, and beans.
While headline/all items inflation is more encompassing. It measures the overall increase in prices for a basket of goods and services that an average consumer purchases.
It includes not only food items but also other goods and services like housing, transportation, healthcare, and more. Headline inflation is a key economic indicator that reflects the general trend in price changes in an economy.
The headline inflation rate provides a comprehensive view of the overall cost of living in a particular state or country.
The report shows that while Kwara recorded food inflation of 35.33% food inflation rate, it recorded a 26.9% headline inflation rate making it the 10th state with the highest inflation rate across the country for the month of August 2023.
A look at the report also shows that the NBS warned against using the report to make inter-state price comparison noting that the market baskets used to conduct the survey varies from state to state.