N150,000 to N250,000 earners feel inflation most, CBN survey shows

Nigerians earning between N150,000 and N250,000 per month were the most likely to perceive inflation as high in July 2026, according to the Central Bank of Nigeria's latest Inflation Expectations Survey. The report, released by the CBN's Statistics Department under the Economic Policy Directorate, also showed signs of improving inflation sentiment.

The Inflation Perception Index stood at 40.0 points in July 2026, meaning respondents generally saw current prices of goods and services as high. But the Inflation Expectation Index of 21.2 points suggests Nigerians anticipate a moderation in August 2026.

Income groups and inflation perception

The survey found that 71.0% of respondents in the N150,001 to N250,000 income bracket perceived inflation as high, compared with 55.6% of those earning between N350,001 and N450,000.

The CBN stated: “An analysis of households’ perceptions by income revealed that households earning N150,001-N250,000 monthly (71.0%) had the highest proportion of respondents who perceived inflation as high.”

Lower-income Nigerians also felt the pressure. Respondents earning below N70,000 recorded a high inflation perception rate of 66.2%, while those earning between N70,000 and N150,000 recorded 66.9%.

Inflation pressure was more pronounced among smaller businesses and urban residents. “Among businesses, micro businesses continue to report the highest perception of high inflation at 70.6%; conversely, large businesses report the lowest perception of inflation. A higher proportion of urban households reported high inflation 68.8% than rural households 64.3%.”

Weak earnings behind the numbers

The survey findings come against weak household earnings and widespread income pressure across Nigeria. According to the PiggyVest Savings Report 2025, about 3 in 10 Nigerians earned below N100,000 per month, making it the largest income bracket in the country.

The report also found that 28% of Nigerians had no income, up from 20% in 2023 and unchanged from 2024. Nearly 3 in 5 Nigerians either had no monthly income or earned below N100,000, underscoring the scale of economic pressure facing households.

While the share of Nigerians earning N1 million and above recovered to 5% in 2025 from 2% in 2024, the proportion earning below N100,000 remained the single largest income category. The number earning between N250,000 and N499,999 also increased from 8% in 2024 to 10% in 2025, suggesting some improvement at higher income levels even as a large segment of the population stayed financially vulnerable.

Inflation outlook for businesses

Nigeria's headline inflation rate edged lower to 15.91% in June 2026, compared with 15.93% in May, according to the National Bureau of Statistics. The June figure was significantly lower than 25.29% recorded in June 2025, reflecting a continued moderation in headline price growth on a year-on-year basis.

On a month-on-month basis, inflation slowed to 1.66% in June, down from 1.75% in May, indicating a slower pace of price increases.

The CBN report noted that respondents anticipate a gradual decline in inflation over the next six months, with 29.7% of businesses expecting inflation to moderate over that period, compared with 17.0% who expect moderation in the next month. That points to stronger optimism about easing price pressures in the medium term.

For the naira and household budgets, the survey reinforces the reality that middle and lower income earners still carry the heaviest inflation burden, even as overall price growth cools. Businesses, especially micro enterprises, will be watching whether the expected moderation actually shows up in their costs and customer spending.