The Central Bank of Nigeria published its January 2025 Household Expectations Survey, showing that consumers remained pessimistic overall but less so than in December 2024. The overall Consumer Confidence Index was -23.5, and respondents’ macroeconomic sentiment was expected to improve over the next six months. The sub-indices remained negative, with Economic Condition at -30.6, Family Financial Situation at -30.5 and Family Income at -9.4. Respondents reported that prices for household items were elevated and, while the outlook was described as less pessimistic than the prior month, they still expected price increases across the current month and the next three and six months, notably for rents and housing- and vehicle-related purchases. Planned expenditure was concentrated on essentials across horizons, led by food and other household items (71.4 index points for the current month), while spending on housing and car purchases was not expected to take a significant share of income. Buying condition and buying intention measures for consumer durables, motor vehicles and real estate pointed to an unfavourable environment and limited near-term willingness to make big-ticket purchases. On inflation attitudes, respondents linked faster price rises to a weaker economy, preferred lower interest rates when forced to choose between inflation and rates, reported higher bank loan rates over the past three months and expected further increases in the next quarter, while also associating higher rates with slower price increases in the short to medium term.

Original source View in tracker