Nigerians earning below ₦70,000 monthly are feeling the impact of inflation more severely than higher-income earners, according to the latest Inflation Expectations Survey by the Central Bank of Nigeria.

The survey showed that 68.4 per cent of respondents earning below ₦70,000 perceived inflation as high in August 2026, the highest level across the income groups surveyed.

By comparison, only 30.8 per cent of households earning above ₦450,000 described inflation as high, highlighting the wide disparity in how rising prices are being experienced across income levels.

The ₦70,000 threshold is particularly significant because it corresponds with Nigeria’s current national minimum wage, indicating that households at or below the minimum-wage level continue to face heavier pressure from the cost of living.

Overall, the CBN’s Inflation Perception Index stood at 39.6 points in August, slightly lower than the 40.0 points recorded in July, suggesting a marginal improvement even though respondents still considered inflation elevated.

The proportion of respondents who described inflation as high declined from 66.3 per cent in July to 64.3 per cent in August.

Among households, the figure edged down from 67.3 per cent to 67.2 per cent, while businesses recorded a more noticeable decline from 65.4 per cent to 61.8 per cent.

The survey also showed that rural Nigerians experienced greater inflation pressure than their urban counterparts, with 65.7 per cent of rural respondents describing inflation as high, compared with 63.2 per cent in urban areas.

Businesses were also affected by rising costs. About 60.1 per cent of firms reported increased expenditure due to inflation in August, compared with 51.9 per cent of households.

Energy costs, insecurity, interest rates and exchange rates were identified by both households and businesses as the major factors driving their perception of inflation, while raw material costs, household purchases and the activities of middlemen were regarded as comparatively less significant.

The CBN survey nevertheless showed growing expectations that inflationary pressures could moderate in the coming months.

The Inflation Perception Index is projected to decline to 19.9 points in September, while 16.9 per cent of businesses expect inflation to moderate over the next month. That proportion rises to 29.4 per cent for businesses looking six months ahead.

Among households, 23.2 per cent expect inflation to moderate over the next six months.

The survey further indicated that businesses and households expect inflation-related expenditure to gradually decline over the same period, with businesses showing greater optimism about future price conditions.

The findings come after Nigeria’s headline inflation rate declined to 15.43 per cent in July 2026 from 15.91 per cent in June.

Food inflation stood at 20.31 per cent year-on-year in July, compared with 26.20 per cent in July 2025. However, on a month-on-month basis, food inflation increased to 5.56 per cent in July from 3.75 per cent in June.

The latest survey marks a shift from July, when Nigerians earning between ₦150,000 and ₦250,000 monthly were the income group most likely to describe inflation as high.

The pressure on lower-income Nigerians also comes against broader evidence of constrained household earnings. The PiggyVest Savings Report 2025 estimated that about three in 10 Nigerians earned below ₦100,000 monthly, while 28 per cent reported having no income.

The report further suggested that nearly three in five Nigerians either had no monthly income or earned below ₦100,000, underscoring the scale of financial pressure facing many households.

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