Nigerians earning between N150,001 and N250,000 monthly recorded the highest perception of inflation among household income groups in July, according to the Central Bank of Nigeria (CBN).
The finding is contained in the apex bank’s July 2026 Inflation Expectation Survey, which examined households’ and businesses’ perceptions of price pressures and their expectations for the months ahead.
The survey showed that 71 per cent of households within the N150,001–N250,000 income bracket perceived inflation at a high level during the month.
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In contrast, households earning between N350,001 and N450,000 recorded the lowest inflation perception, at 55.6 per cent.
The results suggest that the impact of rising prices is not uniform across income groups, with middle-income households appearing to face particularly strong pressure from the cost of living.
Energy remains the biggest pressure
Despite the moderation in headline inflation, energy costs remained the dominant factor shaping Nigerians’ perception of inflation.
The CBN survey put energy costs—including petrol, diesel and electricity—at 61.9 points among households, making them the leading perceived driver of inflation.
Transportation followed at 61.2 points, while insecurity and exchange-rate movements scored 56.5 and 54.1 points, respectively.
Overall, 55.9 per cent of households reported increased expenditure as a result of inflation in July.
However, households and businesses expect inflation-related spending to gradually decline over the next six months.
The survey’s Inflation Perception Index stood at 40.0 points in July, indicating that respondents perceived current inflationary pressures to have moderated compared with the preceding month.
The Inflation Expectation Index is also projected to fall to 21.2 points in August, pointing to expectations of further easing in inflationary pressures.
Inflation eases marginally
The latest CBN findings come after Nigeria’s headline inflation eased marginally to 15.91 per cent in June from 15.93 per cent in May, according to the National Bureau of Statistics.
The moderation in measured inflation has coincided with improving expectations among households and businesses, although the CBN survey indicates that essential costs such as energy and transportation continue to exert significant pressure on household budgets.
The NBS is expected to release the August 2026 Consumer Price Index on August 17, providing a clearer indication of whether the improvement in inflation expectations is translating into further moderation in actual consumer prices.
Nairametrics
