ADVERTISEMENT
TechEconomy
Friday, May 9, 2025
No Result
View All Result
Advertisement
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » Rising Inflation: Nigerians to Spend Nearly 54.9% Income on Food in Next Six Month, CBN Reports

Rising Inflation: Nigerians to Spend Nearly 54.9% Income on Food in Next Six Month, CBN Reports

Destiny Eseaga by Destiny Eseaga
September 2, 2024
in News
0
Nigeria’s Inflation
Inflation Rate

Inflation Rate

RelatedPosts

Gov Mbah Commissions NITDA South East Regional Office in Enugu

Gov Mbah Commissions NITDA South East Regional Office in Enugu

May 8, 2025

SPPG Students Help Youths Develop Digital Skills, Financial Literacy

May 8, 2025

The rising inflation rate will force Nigerian households to spend the largest amounts of their earnings on food in the next six months, a recent survey by the Central Bank of Nigeria (CBN) has shown.

This is as the most recent report by the National Bureau of Statistics (NBS) puts the inflation rate at 33.40 per cent, and food inflation over 40 per cent.

According to the CBN report, the poll was conducted from July 22 to 26, 2024, with a response rate of 99.7 per cent with its sample size drawn from the NBS master sample list of 1,665 households in the 36 states of the federation and the Federal Capital Territory.

The report, Household Expectation Survey published on its website, CBN said many Nigerians intend to cut down on items that are not essential now, in the next three and six months.

They, however, plan to spend 54.9 per cent of their income on food items in the next six months.

“Spending outlook for the next six months showed that consumers plan to spend a substantial amount of their income on the following items: food and other household Items (54.9 points), education (35.4 points), transportation (30.2 points), electricity (20.0 points) and medical expenses (12.2 points),” the poll shows.

On the flip, the respondents do not plan to spend a substantial amount of income on big-ticket items such as purchasing a house, car, and household appliances.

Also, Nigerians do not intend to spend on investment, such as acquiring landed properties or other forms of investments. They equally do not plan on saving their incomes.

“This reflects their family financial situation in the current month and reaffirms their stance that they will be drawing down on their savings or getting into debt,” the apex bank survey shows.

Inflation Perception And Outlook

The overall perception of inflation in July 2024 showed that 83.7 per cent of the respondents believed that the current level of inflation was high with an index of -61.1 per cent.

A breakdown of the responses revealed that businesses at -58.7 points, have a slightly lower index compared to households (-63.3 per cent).

This indicates that businesses were less pessimistic in their outlook as their current month inflation rate perception is slightly better than that of the households. A further breakdown shows that large businesses believed that the current level of inflation was too high with an index of -70.8 per cent.

Further breakdown by income group revealed that respondents in the ₦150,001-

₦200,000 income group believed that inflation in the current month was too high with an index of -66.4 per cent.

United BANK

The above ₦200,000 income group which stood at -58.3 index per cent, had a less negative index, indicating the least pessimism on inflation expectation for the current period.

Consumers Expect Naira To Appreciate By January

The CBN survey also revealed that many Nigerian households expect the naira to continue to fall over the next three months but strengthen in the next six months.

The local unit plunged to ₦1,598 per US dollar on Friday, ending the month of August negative. This is even as it further fell to ₦1,639 per USD due to the shortage of the greenback.

The development comes as the naira made some gains at the beginning of the year’s second quarter, but began to fall, making it the world’s worst currency after the Lebanon pound.

The respondents are however optimistic that the CBN’s monetary policy decisions will see the battered naira make a turnaround in the beginning of the coming year, 2025.

Households See Inflation Rising Over The Next Six Months

Also, the poll shows that Nigerians expect inflation, borrowing rates, and unemployment to keep rising due to the harsh macroeconomic pressures.

The respondents believed that the economy would end up weaker rather than stronger should prices start to rise faster than they do now.

“The survey result showed that 80.9 per cent of the respondents believed that the economy would end up weaker, while 3.2 per cent opined that it would be stronger,” the CBN survey revealed.

Factors that played a crucial role in shaping the perception of inflation among businesses include: Energy costs increased from 90.6 points in June to 91.8 per cent in July, making it the top driver.

The exchange rate remained consistently high with a slight increase from 88.3 in June to 88.8 in July. Transportation is the third driver of inflation during the review period with 88.5 per cent.

Loading

United BANK

Author

  • Destiny Eseaga

    My name is Destiny Eseaga, a communication strategist, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader world context. My passion lies in the world of finance, particularly, capital markets, investment banking, market intelligence, etc

    View all posts
0Shares

Tags: CBNNBS
Previous Post

EFCC Dismisses Binance Executive Tigran Gambaryan’s Health Claims, Rejects Bail Request

Next Post

Ethical AI Practices: Promoting Responsible Governance and Debunking Misconceptions

Destiny Eseaga

Destiny Eseaga

My name is Destiny Eseaga, a communication strategist, journalist, and researcher, deeply intrigued by the political economy of Nigeria and the broader world context. My passion lies in the world of finance, particularly, capital markets, investment banking, market intelligence, etc

Related Posts

Gov Mbah Commissions NITDA South East Regional Office in Enugu
News

Gov Mbah Commissions NITDA South East Regional Office in Enugu

by Peter Oluka
May 8, 2025
0

Governor of Enugu State, Dr Peter Mbah has inaugurated the South East zonal office of the National Information Technology Development...

Read more
SPPG Class of 2025

SPPG Students Help Youths Develop Digital Skills, Financial Literacy

May 8, 2025
Enugu Tech Festival

Enugu Tech Festival: Mbah, Tijani Seek More Southeast Participation in Digital Economy

May 8, 2025
UK Government climate change programme in Nigeria | Propcom+

UK-Aid funded Propcom+ Backs Nigeria’s Agricultural Reforms

May 7, 2025
AfCFTA and NITDA

NITDA DG Tips Technology to Leapfrog AfCFTA

May 6, 2025
TD and Huawei eKit installer workship

TD Africa, Huawei Empower Installers to Drive eKit Deployment Across Africa

May 6, 2025
Next Post
Ethical AI

Ethical AI Practices: Promoting Responsible Governance and Debunking Misconceptions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

CYBERSECURITY ESSENTIALS
byTecheconomy

BUILDING STRONGER NETWORKS AND COMMUNITIES

CYBERSECURITY ESSENTIALS
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Filmmaking and Technology: A chat with Micheal Chineme Ike
June 7, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz
uba

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.