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.
