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Consumers anticipate festive season price hike

09 December 2014, 18:32

Abuja - The majority of Nigerians are wary at the increase of prices for goods and services ahead of the festive season.

This is according to a survey conducted by NOIPolls, the regional think-tank, which said for the month of November 2014 revealed that the NOIPolls Consumer Confidence Index (CCI) declined by 2.8-points to 68.8-points in November 2014 from 71.6-points in October 2014.

In line with this, a decline was experienced in all the indices that make-up the CCI, except for the Expectation of Prices of Goods and Services Index which saw a significant increase of 5.1-points.

“This might be driven by the anticipation of Nigerians for increases in the prices of goods and services during the festive period,” NOIPOlls stated.

Also read: FRSC aims to reduce festive season carnages

The NOIPolls Consumer Confidence Index provides consumer assessments of the economic situation and their intentions and expectations for the future.
Nigerian businesses, financial and government agencies largely depend on their perceptions and micro assessment of consumers’ expectation in making decisions.

“At best, they draw conclusion on the business environment based on information from their immediate surroundings while the minorities conduct surveys that are time and money consuming,” stated NOIPolls.

The Consumer Confidence Index involved telephone interviews of a random nationwide sample.

A total of 4 000 randomly selected phone-owning Nigerians aged 18 years and above, representing the six geopolitical zones in the country, were interviewed, said NOIPOlls.

“With a sample of this size, we can say with 95 percent confidence that the results obtained are statistically precise - within a range of plus or minus 2 percent.”

- CAJ News

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