Boss98.9 FM
The Central Bank of Nigeria has announced that Nigerian households are likely to allocate a substantial portion of their earnings to food expenses over the next six months, driven by rising inflation.
According to the National Bureau of Statistics, the current inflation rate stands at 33.40 per cent, with food inflation exceeding 40 per cent.
The survey, conducted between July 22 and 26, 2024, involved 1,665 households across the 36 states and the Federal Capital Territory and indicates that households plan to allocate 54.9 per cent of their income to food expenses.
However, spending on major purchases such as houses, cars, and household appliances, along with investments and savings, is expected to decline significantly as families navigate their current financial challenges.
