A recent survey by the Central Bank of Nigeria (CBN) has revealed that Nigerian households will spend the largest portion of their earnings on food in the next six months due to rising inflation.
Inflation Rate Hits 33.40%
The National Bureau of Statistics (NBS) reports an inflation rate of 33.40% and food inflation above 40%.
CBN Survey Reveals Spending Habits
The CBN survey, conducted from July 22 to 26, 2024, shows that Nigerians plan to cut non-essential spending and allocate 54.9% of their income to food and household items in the next six months.
Inflation Perception and Outlook
83.7% of respondents believe the current inflation level is high, with businesses slightly less pessimistic than households.
Consumers Expect Naira to Appreciate
Despite the naira’s recent decline, respondents expect it to strengthen in the next six months.
Households See Inflation Rising
80.9% of respondents believe inflation, borrowing rates, and unemployment will continue to rise due to macroeconomic pressures.
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