Inflation hits harder as 77.2% of Nigerian households report high prices – CBN

The share of Nigerian households that perceived inflation as high rose to 77.2% in September 2026, up from 67.2% in August.

This is according to the latest Inflation expectations survey by the Central Bank of Nigeria (CBN).

The increase came as the overall Inflation Perception Index rose to 43.1 points from 39.6 points in August, indicating that inflation remained a major concern among respondents.

However, expectations for the near term were more moderate, with respondents anticipating a gradual easing of inflation over the next three and six months.

Household inflation perception hits 77.2%

The CBN said the proportion of all respondents who perceived inflation as high increased to 69.5% in September from 64.3% in August, with households recording a stronger increase than businesses.

• “Among household respondents, the share who perceived inflation as high rose from 67.2 per cent in August 2026 to 77.2 per cent in September 2026. Also, among businesses, the corresponding share of high inflation perception rose from 61.8 per cent in August 2026 to 62.6 per cent in the review month,” CBN stated in the survey.
• Rural households recorded a higher perception of inflation at 79.1%, compared with 76.2% among urban households.
• Households earning below N70,000 recorded the highest inflation perception at 80.0%, while those earning above N350,000 to N400,000 recorded the lowest at 59.1%.

The figures indicate that perceptions of inflation varied according to household location and income level during the review period.

Energy and exchange rates drive concerns

Respondents identified several factors as major contributors to their perception of inflation, with energy, interest rates, exchange rates and insecurity featuring prominently.

• Among businesses, micro enterprises recorded the highest inflation perception at 67.3%, followed by medium-sized businesses at 62.4%.
• Large and small businesses each recorded a 59.4% perception of high inflation.
• Large businesses recorded the highest proportion of respondents perceiving inflation as moderate at 32.9%, followed by medium enterprises at 30.9%, small businesses at 28.3% and micro businesses at 24.0%.
• Raw materials and household purchases, as well as the activities of middlemen, were perceived as the least significant contributors to overall inflation during the review period.

The findings show that inflation concerns remained widespread across both households and businesses, although the intensity varied by firm size and household characteristics.

Respondents expect inflation to ease

Despite the stronger perception of current inflation, respondents expressed more moderate expectations for the months ahead.

The CBN said respondents anticipated a gradual decline in inflation over the next three and six months, with businesses showing stronger expectations of moderation over the longer period.

• The share of businesses expecting inflation to moderate over the next six months was 26.9%, compared with 15.8% expecting moderation over the next month.
• Among households, 29.5% of respondents expected inflation to moderate over the next six months.
• The Inflation Expectations Index stood at 25.1 points in September, below the 43.1-point Inflation Perception Index.
• A higher proportion of firms, 62.3%, reported increased expenditure due to inflation, compared with 58.8% of household respondents.

The CBN said both businesses and households expected inflation-related expenditure pressures to moderate over the next six months, with the stronger expectations among firms supporting the broader outlook for easing inflationary pressures.

In September, Nairametrics reported that over 68.4% of Nigerians earning below N70,000 perceived inflation as high in August 2026, the highest level recorded across the income categories surveyed by the CBN.

Meanwhile, the National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation rate eased marginally to 15.39% in August 2026 from 15.43% in July.