Consumers’ confidence plummets in Sept as inflation concerns deepen

Consumers’ sentiment plunged sharply in September 2026 as households grappled with intensifying price pressures. The Central Bank of Nigeria, CBN, in its latest Household Expectation Survey Report said that the overall Consumer Sentiments Index, CSI, dropped steeply to -18.7 points, down from -9.9 points in August. 

The decline reflects a cautious public, increasingly squeezed by cost of living. 

CBN noted that perceptions of price increases intensified, with the average price sentiment index climbing to 33.5 points from 23.0 points previous month.

“Most respondents (61.1%) believed that faster price increases would weaken the economy,” the report stated, highlighting widespread anxiety over inflation.

This strain may have forced families to strictly prioritize essential needs, CBN noted. 

The survey report pointed out that food remained the highest spending priority, followed closely by household goods, education, transportation, and utilities. 

Consequently, buying conditions for big-ticket items have dried up. 

The average Buying Conditions Index (BCI) and Buying Intention Index (BII) sat at a weak 24.4 and 16.6 points respectively, tracking hugely below the neutral 50-point threshold.

The report noted that “Households also remained reluctant to make major purchases, particularly houses, motor vehicles, investments and consumer durables.”

Monetary policy preferences revealed a public divided by economic pain. While 62.2 percent of respondents indicated a preference for lower lending rates to ease borrowing, 45.1 percent favoured higher rates.

Despite the current gloom, the survey offers a glimmer of hope for a gradual recovery. 

Households expect consumer confidence to improve over time, projecting a rise to -8.7 points next month, -0.4 points in three months, and entering positive territory at 7.1 points in six months. However, the immediate outlook is defined by restraint. 

“Overall, households remained cautious in September 2026, reflecting persistent concerns about prices, interest rates and household finances,” the CBN concluded.