Businesses, Household Expect Inflation To Remain Stable – Survey

Despite rising energy prices spurred by the Middle East crisis, businesses and households across the country expect inflation to remain largely stable in the coming months, the Central Bank of Nigeria (CBN) March 2026 Inflation Expectations Survey Report has shown.

Findings from the survey show that a considerable proportion of respondents anticipate no significant change in the general price level over the next one month, three months and six months horizons, indicating a growing sense of price stability within the economy.

Specifically, the report noted that more respondents expect inflation to either remain the same or decline slightly, compared to those who foresee an increase. According to the survey report, while 42.2 per cent of respondents say they expect inflation to rise over the next month, 51.8 per cent expect prices to remain the same and 5.9 per cent expect inflation to rise.

The survey, which covered households and businesses across different geopolitical zones, revealed that urban households were more inclined to expect stable prices compared to their rural counterparts, although both groups largely shared similar outlooks on inflation direction.

In terms of business size, large firms showed stronger expectations of stable inflation relative to small and medium enterprises, which were slightly more cautious, reflecting their higher sensitivity to input cost fluctuations and market volatility.

The survey report further highlighted that the perception of current inflation remains high among respondents, even as expectations for future inflation show signs of easing. A majority of participants indicated that prices are still rising, but at a slower pace than previously experienced.

Disaggregated data from the survey showed that food prices, energy costs, transportation expenses and exchange rate movements remain the dominant drivers of inflationary pressure, as identified by respondents. These factors continue to shape both current experiences and future expectations of price changes.

On spending patterns, households reported that rising costs of essential goods, particularly food and transport, continue to exert pressure on disposable income, although expectations of stability may support gradual improvement in consumption planning.

The report also indicated that respondents with higher educational qualifications were more likely to expect inflation to stabilise, suggesting that awareness of macroeconomic policies and trends may influence inflation expectations.

Across geopolitical zones, the expectation of stable inflation was most pronounced in some regions, while others still showed pockets of concern over potential price increases, reflecting differing economic conditions and cost structures nationwide.