CBN’s Survey Reports Higher Household Inflation Despite NBS’ Easing Record

The share of Nigerian households that see inflation as high rose to 77.2 per cent in September 2026, from 67.2 per cent in August.

This is according to the Central Bank of Nigeria’s (CBN) latest Inflation Expectations Survey.

The finding contrasts with official data from the National Bureau of Statistics (NBS), which showed headline inflation easing marginally to 15.39 per cent in August from 15.43 per cent in July.

The survey’s Inflation Perception Index rose to 43.1 points in September from 39.6 points in August. Across all respondents, the share who perceived inflation as high increased to 69.5 per cent from 64.3 per cent.

Households recorded a sharper rise than businesses. Among firms, the share perceiving high inflation edged up to 62.6 per cent from 61.8 per cent.

Rural households reported a higher perception of inflation at 79.1 per cent, against 76.2 per cent for urban households. By income, households earning below N70,000 recorded the highest perception at 80.0 per cent. Those earning above N350,000 and up to N400,000 recorded the lowest at 59.1 per cent.

Among businesses, micro enterprises had the highest perception of high inflation at 67.3 per cent, followed by medium-sized firms at 62.4 per cent. Large and small businesses each stood at 59.4 per cent.

Respondents named energy, interest rates, exchange rates and insecurity among the main drivers of their perception. Raw materials, household purchases and the activities of middlemen were seen as the least significant contributors.

More firms than households said inflation had raised their spending. The survey found that 62.3 per cent of businesses reported higher expenditure due to inflation, compared with 58.8 per cent of households.

Respondents were more upbeat about the months ahead. They expect inflation to ease gradually over the next three and six months. The Inflation Expectations Index stood at 25.1 points in September, well below the perception index.

About 29.5 per cent of households expect inflation to moderate over the next six months. Among businesses, 26.9 per cent expect moderation over the same period, compared with 15.8 per cent who expect it within one month.

The CBN said both households and businesses expect inflation-related spending pressures to moderate over the next six months, with firms showing the stronger expectation.

In August, the CBN survey showed that 68.4 per cent of Nigerians earning below N70,000 perceived inflation as high, the highest across the income groups surveyed.