LAGOS, Nigeria — Nigerians continue to perceive inflation as high despite recent improvements in macroeconomic conditions, although many expect price pressures to moderate over the next six months, according to a survey by the Central Bank of Nigeria (CBN).
Okay News reports that the CBN survey showed the Inflation Expectations Index stood at 44.8 points in May 2026, reflecting persistent concerns over rising prices among businesses and households, while respondents expect inflationary pressures to moderate to 26.2 index points over the next six months.
The proportion of businesses perceiving inflation as high increased from 65.9% in April to 68.4% in May. Among households, the share of respondents reporting high inflation rose from 68.8% to 72.8% over the same period. Large businesses recorded the highest perception of inflation at 72.5%, while medium-sized businesses reported the lowest at 64.0%.
Rural households recorded a higher perception of inflation at 74.8%, compared with 71.5% among urban households. Households earning below N70,000 (approximately $45) per month reported the highest perception of inflation at 73.9%.
Energy costs, interest rates, insecurity, and exchange rate movements were identified as the four major drivers of inflation perceptions. Approximately 92.3% of respondents said they closely follow CBN communications and interest rate decisions through social media, radio and television broadcasts, and online news platforms.
Businesses experienced stronger cost pressures during the review period, with 69.5% reporting higher expenditure compared with 61.0% of households. Despite these challenges, both households and businesses expect inflation to gradually decline over the medium term, with business respondents expressing greater optimism about the pace of moderation.
Nigeria’s headline inflation rate increased to 15.69% in April 2026 from 15.38% recorded in March, according to the National Bureau of Statistics (NBS). Urban inflation stood at 15.40% year-on-year, while rural inflation was higher at 16.36%. Food inflation rose to 16.06% year-on-year, although significantly lower than the 24.68% recorded in April 2025.
The NBS attributed the rise in food prices to increases in the cost of key staples including millet, yam flour, fresh ginger, beef, garri, beans, tomatoes, wheat grain, soybeans, and plantain.
The CBN has maintained a tight monetary policy stance aimed at containing inflationary pressures and stabilising the economy.
