The Central Bank of Nigeria published its August 2026 Inflation Expectations Survey, showing a slight easing in perceived inflation. The Inflation Perception Index fell to 39.6 points from 40.0 in July, while the share of respondents who viewed inflation as high declined to 64.3% from 66.3%. Perceptions remained more elevated among households than businesses, particularly rural households and those earning below NGN 70,000 a month. Energy, insecurity, interest rates and exchange rates were the leading drivers of inflation perceptions. The next-month Inflation Expectations Index stood at 19.9 points, although 44.4% of respondents expected inflation to increase and 15.2% expected a decrease. The share anticipating a decline rose to 20.1% over six months, but 48.2% still expected an increase. Separately, 60.9% wanted the central bank to reduce interest rates, while 93.7% followed its inflation and interest-rate communications at least occasionally.
2026-09-11Central Bank of Nigeria
Central Bank of Nigeria survey finds inflation perceptions ease slightly but remain high
The Central Bank of Nigeria’s August survey found that inflation perceptions eased slightly but remained high, with the index declining to 39.6 points from 40.0 in July. Energy, insecurity, interest rates and exchange rates were the main perceived drivers. Most respondents wanted interest rates reduced, while expectations remained tilted toward further inflation increases.