Households have projected a further rise in the prices of rents, medical services among others things while expressing pessimism in their outlook for October 2024.
Their projection was contained in the Central Bank of Nigeria, CBN, Consumers Expectation Survey Report for October.
However, households anticipated spending their income on basic expenditure items like food, education, among other things.
CBN said: “Overall Consumer Outlook reflects pessimism in October 2024. Overall, the trend shows a pattern of cautious optimism regarding inflation expectations.
“More consumers believe that the cost of transportation, house purchase, purchase of car/vehicle, rents and medical expenses will experience an 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.”
Meanwhile, firms and households said the pressure on inflation rate will ease in the next six months.
