The Central Bank of Nigeria published its May 2025 Inflation Expectations Survey Report, summarising households’ and businesses’ views on current inflation, perceived drivers and near-term inflation and spending expectations. The survey indicates that most respondents judged current inflation to be high, while the largest share expected inflation to remain unchanged over the next month. On inflation expectations, 50.8% of respondents expected inflation to “remain the same” next month, compared with 35.9% expecting an increase and 13.3% a decrease. Over longer horizons, expectations tilted more towards rising inflation, with 42.2% anticipating an increase over the next three months and 41.0% over the next six months. Energy costs (including PMS, diesel and electricity), the exchange rate and transportation were identified as the top three perceived inflation drivers for both firms and households, with energy scoring 90.8% for firms and 85.7% for households. On expenditure outlook, 75.1% of businesses and 67.1% of households expected spending to increase in the current month, and majorities continued to anticipate higher expenditure over the next six months, though the report notes some moderation in longer-horizon expectations.
Central Bank of Nigeria 2025-06-02
Central Bank of Nigeria releases May 2025 inflation expectations survey showing inflation seen as high and expected to be broadly stable next month
The Central Bank of Nigeria released its May 2025 Inflation Expectations Survey Report, highlighting perceptions of current inflation and future expectations. Most respondents viewed current inflation as high, with 50.8% expecting it to remain unchanged next month. Energy costs, exchange rates, and transportation were identified as key inflation drivers, while spending is anticipated to rise in the short term.