The Central Bank of Nigeria is projecting a further drop in inflation over the next six months. This is contained in its newly released survey on inflation expectations for February 2025.
According to the report, the CBN surveyed various respondents across the country with many expecting the level of inflation to gradually reduce over the next six months. The respondents also anticipated lower spending as their expenditure gradually decreased over the next six months.
Further analysis by income distribution indicated that more households earning above N200,000 per month perceived inflation to be moderating, driven by factors such as energy costs, exchange rate, transportation costs, interest rate and insecurity influenced their perception of the inflation rate in the month under review.
The apex bank, however said 65.1 per cent of respondents want a reduction in interest rate by the financial institution.
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The new survey comes on the back of the Consumer Price Index released by the National Bureau of Statistics on Monday. In the CPI, the NBS said the inflation rate for February dropped to 23.18% year-on-year in February 2025, reflecting a second consecutive monthly decline from the 24.48% recorded in January.
The figure indicate an 8.52 percentage point decrease from the 31.70% seen in February 2024, following the new CPI rebasing methodology.
