The Central Bank of Nigeria published its February 2025 Inflation Expectations Survey Report, summarising how households and businesses viewed current inflation and how they expect it to evolve. Respondents generally perceived inflation as moderating compared with the prior month and expected inflation to gradually ease over the next six months. Businesses were the main drivers of the moderating-inflation sentiment, with medium-sized firms most likely to report easing pressures; urban residents and households earning above NGN 200,000 per month were also more likely to perceive moderation. Energy costs (including PMS, diesel and electricity) were the top cited influence on inflation perceptions for both firms (92.9%) and households (88.6%), followed by transportation costs, exchange rate movements, interest rates and insecurity. Looking ahead, the share of respondents expecting inflation to decrease rose from 12.6% over the next month to 27.1% over the next six months, although 44.3% still expected inflation to increase over the six-month horizon (28.6% expected it to remain the same).
Central Bank of Nigeria 2025-03-14
Central Bank of Nigeria publishes February 2025 survey showing moderating inflation perceptions and easing expectations
The Central Bank of Nigeria's February 2025 Inflation Expectations Survey Report shows a perception of moderating inflation among households and businesses, expecting gradual easing over six months. Medium-sized firms and higher-income urban households drive this sentiment, citing energy costs as the main influence. Respondents expecting inflation to decrease rose from 12.6% over the next month to 27.1% over six months, though 44.3% still anticipate an increase.