Nigerian consumers are increasingly postponing significant expenditures, including home improvements and vehicle purchases, as the burden of elevated energy costs remains a primary constraint on household budgets.
This trend persists despite recent macroeconomic data suggesting a gradual stabilization in broader price pressures across the economy.
93% rate offers some relief, the CBN’s consumer sentiment data suggests that the pass-through effects of energy subsidies and tariff adjustments are still dampening demand in key sectors.
According to a survey conducted by the Central Bank of Nigeria (CBN), the cost of power and fuel continues to weigh heavily on disposable income, forcing families to prioritize essential needs over durable goods.
The findings highlight a structural disconnect between headline inflation metrics and the lived economic reality for many Nigerians, where energy affordability remains a critical bottleneck for consumption recovery.
The survey results arrive as Nigeria’s headline inflation rate slowed to 15.91% in June, marking the first monthly decline in three months.
While this deceleration from May’s 15.93% rate offers some relief, the CBN’s consumer sentiment data suggests that the pass-through effects of energy subsidies and tariff adjustments are still dampening demand in key sectors.