The Central Bank of Nigeria published its Inflation Expectations Survey Report for August 2025, indicating a rise in perceived inflation and an expectation that inflation will remain broadly stable in the near term but increase over a six-month horizon. The Inflation Perception Index stood at 62.8 points, while the share of respondents who perceived inflation as high increased to 70.6% from 66.2% in July 2025, led by household respondents (70.9%, up from 63.4%). Large businesses recorded the highest share perceiving high inflation (76.9%), followed by micro (72.8%), medium (68.3%) and small firms (67.4%), while rural respondents (72.8%) reported slightly higher “high inflation” perceptions than urban respondents (70.2%). By income, households earning NGN 30,001 to NGN 100,000 per month had the highest proportion viewing inflation as high (74.9%). Respondents identified energy costs, exchange rate and transportation as the main drivers of inflation perception, with energy scoring 85.4% among firms and 83.4% among households. On expectations, most respondents anticipated inflation would remain the same in the next month (56.5%) and next three months (38.8%), but more expected an increase over the next six months (36.8%); households were more skewed to a six-month increase (41.0%). On spending, 66.7% of businesses and 57.8% of households reported higher expenditure in the review month.
Central Bank of Nigeria 2025-09-10
Central Bank of Nigeria releases August 2025 inflation expectations survey with Inflation Perception Index at 62.8 and 70.6% seeing high inflation
The Central Bank of Nigeria's Inflation Expectations Survey Report for August 2025 shows a rise in perceived inflation, with 70.6% of respondents viewing it as high, up from 66.2% in July. Energy costs, exchange rates, and transportation are identified as key inflation drivers. While most expect inflation to remain stable in the short term, 36.8% anticipate an increase over the next six months.