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Nigerian household spending gulps N61.07 trillion in H1 2023 amid rising inflation – NBS 

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INFLATION 2

The National Bureau of Statistics has said that Nigerians spent N61.07 trillion on household consumption in the first six months of 2023. 

The figure is slightly higher by 2.83% (N1.68 trillion) than the N59.39 trillion recorded in the same period in 2022, amid persistent double-digit inflation. 

The NBS disclosed this in its recent Expenditure and Income Gross Domestic Product (GDP) report released on Thursday. 

According to the report, household consumption accounted for the biggest share of the expenditure of GDP. 

The household consumption expenditure includes imputed expenditure incurred by resident households on individual consumption goods and services. 

 

 

The report read: 

 

With rising inflation, Nigerians have had to pay more for the same or lesser items. 

ThePressNG reported Nigeria’s inflation rate increased to 27.33% for the month of October- an 18-year high. The figure represents a 0.61% increase from what was recorded in the previous month and marks a ten straight month of increased inflation.  

Nigeria is expected to continue facing economic instability in 2024 due to double-digit inflation. 

Also, the CBN recently stated that current inflationary pressures may continue in the near term.  

The NBS, in its Commodity Price Index report for October 2023, disclosed that key sectors that drove up inflation figures were food and alcoholic beverages, housing, water, electricity, gas and other fuel, clothing and footwear, and housing, which Nigerians spend on daily. 

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