The share of Nigerian households that perceived inflation as high rose sharply to 77.2% in September 2026, from 67.2% in August, indicating renewed pressure on household purchasing power despite the recent moderation in headline inflation.
The figure is contained in the latest Inflation Expectations Survey of the Central Bank of Nigeria (CBN), which also showed that the overall Inflation Perception Index increased to 43.1 points in September, from 39.6 points in August.
Rural households report stronger pressure
The survey showed that inflation concerns were more pronounced among rural households, with 79.1% reporting high inflation perception, compared with 76.2% among their urban counterparts.
Income also remained a significant factor. Households earning below ₦70,000 recorded the highest perception of high inflation at 80%, while those earning between ₦350,000 and ₦400,000 recorded the lowest at 59.1%.
Among businesses, the proportion perceiving inflation as high rose more modestly, from 61.8% in August to 62.6% in September. Micro enterprises recorded the highest perception at 67.3%.
Respondents identified energy costs, interest rates, exchange rates and insecurity among the major factors influencing their perception of inflation during the month.
Households, businesses expect some relief
Despite the stronger perception of current price pressures, the survey indicated that respondents expect inflation to moderate gradually over the coming months.
The CBN said 29.5% of households expected inflation to moderate over the next six months, while 26.9% of businesses anticipated some moderation over the same period.
The Inflation Expectations Index stood at 25.1 points in September, significantly below the 43.1-point Inflation Perception Index, suggesting that respondents’ expectations for future inflation were less severe than their assessment of current price pressures.
The survey also found that 58.8% of households reported increased expenditure as a result of inflation, compared with 62.3% of firms.
The latest findings come against the backdrop of Nigeria’s headline inflation rate easing marginally to 15.39% in August 2026, from 15.43% in July, according to the National Bureau of Statistics (NBS).
The divergence between the official inflation rate and household perceptions underscores the difference between the measured rate of price increases and how consumers experience the cost of living in their daily purchases.
