Households expect further increase in prices of rent, medical services
economy
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.
The CBN disclosed this in its Inflation Expectation Survey Report for October.
According to CBN, respondents perceive the current inflation rate as high citing energy cost as the cause of such perception.
CBN said: “The overall perception of the current inflation rate shows that most respondents believe the inflation rate is high.
Related News
Firms’ confidence in economy falls 3.2 index points — CBN
Firms’ confidence in economy falls 3.2 index points — CBN
Households expect further increase in prices of rent, medical services
“Further analysis indicates that this perception is mainly driven by household respondents. All business types are of the opinion that the current inflation rate is high with micro businesses having the highest perception.
Energy cost is the major driver of inflation perception for both firms and households
“Over the next 6 months, business and household respondents expect that the
the level of inflation will ease. However, their expectations indicate that the inflation level may ease compared to the current level in October 2024.”
