Survey by the Central Bank of Nigeria (CBN) has revealed growing concerns among households about the rising cost of living. According to the latest ‘Households Expectation Survey,’ many consumers are anticipating further increases in key areas such as transportation, housing, vehicle purchases, rent, and medical expenses over the next six months.

The survey highlights that households plan to allocate their incomes primarily to essential expenditures, including food, household items, education, transportation, electricity, and healthcare.

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The CBN’s Consumer Confidence Index, which reflects the outlook of consumers based on economic conditions, family financial situations, and income expectations, shows a notably pessimistic view of the country’s economic future.

Despite these financial challenges, households have indicated they will prioritize basic living costs and avoid spending on large investments, such as purchasing houses or cars, during this period.