The global economic unrest has reportedly tightened the noose on household finances in Africa and other countries across the world.
This has caused major unrest in several cities across the world with residents struggling with high cost of living as prices of goods keep increasing.
The Economic Intelligence Unit’s (EIU) Worldwide Cost of Living (WCOL) survey conducted in 2023 revealed that in the world’s major cities, there was a jump in prices by an average of 7.4% in local currency terms.
According to Numbeo’s 2024 cost-of-living index report, Cameroon ranks in first position as the country with the highest cost-of-living crisis in Africa and 72nd globally. Nigeria ranks in fifth position in Africa and 86th globally coming after Zimbabwe, Mauritius and South Africa.
10 African countries with the highest cost of living
Below are the top 10 African countries with the highest cost of living:
| Rank in Africa | Global Rank | Country | Cost of Living Index | Rent Index | Cost of Living Plus Rent Index | Groceries Index | Restaurant Price Index | Local Purchasing Power Index |
|---|---|---|---|---|---|---|---|---|
| 1 | 72 | Cameroon | 37.3 | 16.9 | 27.5 | 34.6 | 35.3 | 10.5 |
| 2 | 73 | Zimbabwe | 37.2 | 10 | 24.1 | 35.5 | 26.7 | 26.1 |
| 3 | 74 | Mauritius | 37 | 10 | 24.1 | 40.7 | 26.5 | 43.2 |
| 4 | 78 | South Africa | 34.5 | 11.5 | 23.5 | 29.7 | 29.5 | 102.8 |
| 5 | 86 | Nigeria | 31.4 | 22.1 | 27 | 37.5 | 20.6 | 11 |
| 6 | 90 | Ghana | 30.9 | 10.2 | 21 | 33.9 | 26.9 | 18.4 |
| 7 | 92 | Kenya | 30.2 | 8.5 | 19.8 | 31 | 22.1 | 34.2 |
| 8 | 93 | Botswana | 30.1 | 6.1 | 18.5 | 30 | 22.5 | 64.4 |
| 9 | 96 | Morocco | 29.5 | 7.4 | 18.9 | 29.8 | 20.7 | 38.6 |
| 10 | 100 | Uganda | 29.1 | 7.7 | 18.8 | 29.3 | 21.6 | 17.8 |
Nigerians have in the past year, struggled with the biting economy and high cost of living as a result of the fuel subsidy removal and other policies of the current administration.
Following the government's decision to stop fuel subsidies, petrol prices rose over 200% from about ₦187 to an average of ₦630, a move which further affected transportation costs and prices of other commodities following an increase in production costs.
The Nigerian government has recently announced a series of plans to ease the plight of the citizens by rolling out plans to effect massive food importation.