Households have expressed pessimism over the rising costs of living in the country, and have projected that costs of transportation, house purchase, purchase of car/vehicle, rents and medical expenses will experience an increase over the next six months.
According to the newly released ‘Households Expectation Survey’ by the Central Bank of Nigeria, consumers said they will spend their incomes only on basic items such as food and other household items, education, transportation, electricity and medical expenses. The CBN’s overall Consumer Confidence Index and outlook is attributed to the outlook of consumers on three key dimensions: Economic Conditions, Family Financial Situation, and Family Income.
CBN said, “More consumers believe that the cost of transportation, house purchase, purchase of car/vehicle, rents and medical expenses will experience increase over the next six months in the following order. “Households anticipate spending their income on basic expenditure items like Food & Other household items, Education, Transportation, Electricity and Medical Expenses across all time periods reviewed.
“However, they do not intend to spend a substantial portion of their income on items like purchase of House, Car/vehicle for the period under review.”
