The Central Bank of Nigeria published its January 2026 Inflation Expectations Survey Report, indicating a marginal improvement in inflation sentiment. The inflation perception index eased to 41.4 points from 41.7 in December 2025, alongside a small drop in the share of respondents perceiving inflation as high to 49.5% from 50.2%, with the report attributing the improvement mainly to business respondents. Disaggregation showed microbusinesses had the highest share reporting high inflation (51.2%), while small businesses recorded the lowest (40.8%). Among households, rural respondents reported a higher high-inflation perception (55.0%) than urban respondents (53.9%), and the highest proportion perceiving inflation as high was among households earning NGN 150,001 to NGN 200,000 monthly (61.2%). Energy, transportation, exchange rate, insecurity and interest rate were ranked as the top drivers of inflation perceptions, and 86.0% of respondents reported that Central Bank of Nigeria communication shapes inflation expectations. On forward-looking expectations, most respondents expected inflation to remain stable over the next month, three months and six months, with 59.3%, 41.7% and 36.1% respectively selecting “remain the same” (the report notes the survey reflects respondents’ views rather than the central bank’s).
Central Bank of Nigeria 2026-02-13
Central Bank of Nigeria’s January 2026 survey shows inflation perception index edges down to 41.4 with expectations largely stable
The Central Bank of Nigeria's January 2026 Inflation Expectations Survey Report shows a slight improvement in inflation sentiment, with the perception index easing to 41.4 points from 41.7 in December 2025. The report highlights that 86% of respondents believe Central Bank communication influences inflation expectations, while most expect inflation to remain stable short term. Key inflation drivers include energy, transportation, exchange rate, insecurity, and interest rates.