The Central Bank of Nigeria (CBN) Inflation Expectations Survey (IES) for July 2024 was conducted from July 14-26, 2024, among selected businesses and households with a sample of 1,600 and 1,650 respectively, in the 36 states of the federation and the Federal Capital Territory. The IES aims to gather insights on how businesses and households perceive current and future inflation trends and the major drivers of inflation. By understanding how people anticipate changes in the cost of goods and services, monetary policy can be better managed to stabilize the economy and promote growth.
Key Highlights from the Dashboard
- The businesses and households respondents believe that the July 2024 inflation rate was high, as indicated by the negative index point of -61.1
- Most respondents believed changes in the price of energy, exchange rate, and transportation were the major drivers of inflation in July 2024.
- Respondents expect their expenditure to increase further in July 2024.
- Majority of the respondents expect the CBN to decrease the interest rate.
- Majority of respondents follow the CBN communication closely and believe that the CBN is transparent in its communicatio
