The Central Bank of Nigeria published its December 2025 Inflation Expectations Survey Report, showing an improvement in price sentiment as the inflation index fell to 41.7 points from 43.5 in November 2025. The share of respondents who perceived inflation as high declined to 50.2% from 52.3%, and most respondents expected inflation to remain stable over the next month, three months and six months. The decline in current inflation perception was driven by both businesses (high inflation perception down from 50.3% to 48.3%) and households (54.7% to 52.2%). Micro businesses reported the highest perception of high inflation (52.8%), while medium businesses reported the lowest (45.5%); among households, urban respondents reported a higher inflation perception (52.9%) than rural respondents (51.6%), and households earning NGN30,001 to NGN100,000 monthly had the highest proportion perceiving inflation as high (54.9%). Respondents cited energy, transportation, the exchange rate, insecurity and interest rates as the top five drivers of inflation perceptions, and 93.4% said the CBN was transparent in its inflation communication during the period.
Central Bank of Nigeria 2026-01-03
Central Bank of Nigeria survey shows inflation sentiment improved as the index fell to 41.7 in December 2025
The Central Bank of Nigeria's December 2025 Inflation Expectations Survey Report shows a decline in inflation perception, with the index dropping to 41.7 points from 43.5 in November. The percentage of respondents viewing inflation as high decreased to 50.2%, with expectations for stable inflation in the coming months. Key inflation drivers include energy, transportation, exchange rates, insecurity, and interest rates, while 93.4% of respondents found the CBN's communication transparent.