80.6% of businesses perceive current inflation rate high, says CBN
The Central Bank of Nigeria’s (CBN) in a report has disclosed that 80.6 per cent majority of Nigerian businesses believe that the current inflation rate is high.
The CBN in its Inflation Expectations Report for December 2024, stated that the report reveals that 80.6per cent of businesses perceive inflation to be at an elevated level, reflecting the persistent economic pressures faced by consumers and enterprises alike.
The findings highlight growing concerns over the rising cost of living and doing business in Nigeria. The National Bureau of Statistics (NBS) reports that the headline inflation rate in Nigeria reached 34.80per cent in December 2024.
The survey indicates that perceptions of inflation vary across different business sizes: 83.6 of large businesses believe inflation is high, 75.6per cent of medium-sized businesses share the same sentiment and 83.9per cent of small businesses also perceive inflation to be at an elevated level.
According to the report, among these, small businesses recorded the highest perception of inflation, emphasizing the disproportionate impact of rising prices on SMEs, which form the backbone of Nigeria’s economy.
The report also sheds light on how inflation is perceived across various income brackets. Notably, 88.2per cent of households earning between N150,001 and N200,000 per month believe that inflation is high.
