ISSN: 1595-5842 | E-ISSN: 3043-5463 | Google Indexed | DOI Registered with Crossref | Peer-Reviewed Open Access Journal
Alvan Journal of Social Sciences International Peer-Reviewed Open Access Journal
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Alvan Journal of Social Sciences (AJSS)

ISSN: 1595-5842 | E-ISSN: 3043-5463 | DOI Registered with Crossref | Google Indexed

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Volume 3, Issue 1 (2026)

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AJSS Article 020

← Volume 3, Issue 2 Contents

INFLATION’S TOLL ON HOUSEHOLD CONSUMPTION IN NIGERIA

Precious C. Akobundu; Justin C. Alugbuo; Linda K. Okonkwo &

Journal
Alvan Journal of Social Sciences
Volume/Issue
3(2), 2026
Pages
227-241
DOI
10.67638/ajss-2026-v3-i2-020
Keywords
Inflation, household consumption, ARDL model, money supply, government expenditure
Corresponding author
Precious C. Akobundu
Email
precious.akobundu@alvanikoku.edu.ng
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Abstract

This study utilized Auto-Regressive Distributed Lag (ARDL) model to analyze the effect of Inflation on Household Consumption in Nigeria during the period under study (1981 to 2024). The data used for the analysis were time series data on inflation, household consumption expenditure, money supply and government expenditure and interest rates. The ARDL model gave results showing that inflation had a negative impact on both the short and the long runs of household consumption. The effect of an increase in money supply on consumption was statistically significant and positive in both periods. The government spending had a negative effect on consumption in the short run and a positive effect in the long run at 5 percent level of significance. In the short run, interest rates played little role, but in the long-run they had a positive effect on consumption, possibly because of better returns on saving or investor confidence. The study recommended among others that the Nigerian government should regulate inflation by implementing tighter monetary policies and structural reforms to safeguard the purchasing power of the household and boost consumption while the Central Bank of Nigeria (CBN) should also implement policies aimed at increasing monetary expansion in times of economic slowdowns to boost consumption and maintain economic growth.

Citation

Precious C. Akobundu; Justin C. Alugbuo; Linda K. Okonkwo & (2026). INFLATION’S TOLL ON HOUSEHOLD CONSUMPTION IN NIGERIA. Alvan Journal of Social Sciences, 3(2), 227-241. https://doi.org/10.67638/ajss-2026-v3-i2-020

Precious C. Akobundu
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