Consumers' sentiment has taken a sharp downturn as households face increasing price pressures. The Consumer Sentiments Index has dropped to -18.7 points, a significant decline from the previous month. This decrease reflects a cautious public struggling with the cost of living. Perceptions of price increases have intensified, with the average price sentiment index rising to 33.5 points.

The majority of respondents believe that faster price increases will have a negative impact on the economy, highlighting widespread anxiety over inflation. As a result, families may be forced to prioritize essential needs.

Further details on the survey and its findings are available from the Central Bank of Nigeria's latest Household Expectation Survey Report.