This is because food inflation is over 40% and the overall inflation rate is 33.40 percent according to the National Bureau of Statistics (NBS) most recent data. According to the CBN report, the survey, which had a 99.7% response rate, was conducted from July 22 to July 26, 2024.
The NBS master sample list, which included 1,665 homes across the 36 federation states and the Federal Capital Territory, was used to determine the sample size.
According to the Household Expectations Survey data the CBN made available on its website, many Nigerians plan to reduce their consumption of non-essential commodities over the course of the next three to six months. However, throughout the next six months, they want to spend 54.9% of their income on food.
