Nigerians To Spend More On Food, Other Household Items In Next 6 Months

09/02/2024 9

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.

Written by: bossgmsi

Rate it

World

Roads blocked and flights disrupted as general strike hits Israel

A general strike sweeping across Israel is affecting multiple sectors as protesters demand government action to secure a deal for the release of hostages held by Hamas. The strike, organized by the influential Histadrut union, has led to road blockages and significant disruptions in businesses, banks, schools, and airports. The stoppage is set to conclude at 5pm local time. Meanwhile, the government is pursuing legal action, arguing that the strike […]

09/02/2024 7