A Quantitative Study of Nigerian Consumers’ Perceptions of Inflation and its Impact (2023–2024)

This study investigates Nigerian consumers’ perceptions of inflation and its impact on household welfare, drawing on data from an online survey administered via WhatsApp and Facebook between 23 July and 4 August 2024. A total of 163 valid responses from adult Nigerians across diverse demographic groups were analysed. Composite indices were constructed for perceived inflation (mean = 4.21 on a 5-point scale), coping strategies (mean = 2.87 on a 4-point scale), and welfare impact (mean = 3.78 on a 5-point scale). Inferential analyses revealed that female respondents reported significantly higher perceived inflation than males (t (161) = 2.32, p = .022), while age, education, employment status, and income did not yield significant differences. Pearson correlation demonstrated moderate positive associations between perceived inflation and coping behaviours (r = .48, p < .001) and strong positive associations with adverse welfare impact (r = .65, p < .001). A negative correlation emerged between perceived inflation and consumer confidence (r = –.52, p < .001). Multiple regression indicated that perceived inflation (β = .62, p < .001) and coping strategies (β = .28, p = .011) jointly explained 58 percent of the variance in welfare impact. Findings underscore the pervasive nature of inflationary pressures in Nigeria and the partial efficacy of household coping measures. Implications include the need for targeted cash transfers, gender-sensitive support programs, and real-time consumer sentiment monitoring. The study contributes novel micro-level evidence on inflation experiences, informing both policy interventions and business strategies in high-inflation contexts.