Nigeria’s inflation picture may be easing on official records, but households are reporting a different experience, according to a recent survey by the Central Bank of Nigeria (CBN).
The CBN’s survey showed that households continued to face higher inflation pressures, highlighting a gap between the moderation recorded by the National Bureau of Statistics (NBS) and how consumers perceive the cost of living.
The NBS has reported an easing in headline inflation in recent months, reflecting slower increases in the prices of goods and services.
However, the CBN survey suggests that households are still feeling significant pressure from rising prices, particularly as essential expenses continue to take up a large share of household income.
The difference underscores the challenge policymakers face in translating improvements in headline inflation into noticeable relief for consumers.
For households, lower inflation does not necessarily mean prices are falling
It means prices are increasing at a slower rate, leaving many consumers still dealing with the impact of previous price increases.
The findings could therefore keep pressure on policymakers to ensure that easing inflation eventually translates into improved purchasing power and better living conditions for Nigerians.
