Home Business Money CBN Releases Household Expectations Survey Report For July 2024
Money

CBN Releases Household Expectations Survey Report For July 2024

Share
CBN's Logo
Share

August 30, 2024/CBN

Executive Summary

The July 2024 Household Expectations Survey comprising the Consumer Expectations Survey (CES) and Inflation Attitude Survey (IAS) was conducted during the period of July 22-26, 2024, with a response rate of 99.7 percent. The sample size was 1,665 Households, drawn from the National Bureau of Statistics (NBS) Master Sample List of Households, which is considered
a representative sample of Households nationwide.
The excerpts of the report are as follows:

  • The overall outlook of consumers in July 2024 was downbeat, as consumers anticipated drawing down on their savings or getting into debt.
  • On average, more households expect increased expenditure on basic commodities and services across all periods under review.
  • Majority of consumers believed that the review period would not be an ideal time to purchase big ticket items like Consumer Durables, Motor Vehicles, and Buildings & Landed Properties.
  • Majority of the consumers expect the Naira to depreciate, while the Borrowing Rate, Inflation Rate, and Unemployment Rate will rise in the current month.
  • Respondent households believed that the economy would end up weaker rather than stronger if prices started to rise faster than they do now.
  • Given a trade-off between Inflation and Interest Rates, most respondents would prefer lower Interest Rates.
  • Majority respondents know that the Monetary Policy Committee (MPC) sets interest rates, and their decisions influence short-term interest rates in Nigeria.

Click here to read full PDF copy of report

Share

Businesstoday Magazine

Businesstoday Conference/Awards

Related Articles

Naira Appreciates Further After CBN’s New BDC Directives

The naira appreciated further in the parallel market, popularly called black market,...

TCC Is Required, WAEC Exams Still Free In Lagos, LIRS Clarifies

The Lagos State Internal Revenue Service (LIRS) has reiterated that the provision...

Access Bank Appoints Independent Non-Executive

BY NKECHI NAECHE- ESEZOBOR–Access Holdings Plc at the weekend announced the appointment...

Ecobank Super Reward Promo: Winners Take Home N42m In Total Prize Money

Ecobank Nigeria, an affiliate of Ecobank Group, has awarded a total of...