Businesses reported higher inflation-related expenditure than households in August 2026, with 60.1% of firms recording increased spending compared with 51.9% of households, according to the Central Bank of Nigeria’s Inflation Expectations Survey.
The difference came as the CBN’s Inflation Perception Index fell to 39.6 points in August from 40.0 points in July, while the share of respondents who considered inflation high dropped from 66.3% to 64.3%.
Businesses recorded the larger monthly change, with the share that perceived inflation as high falling from 65.4% to 61.8%. Among households, the figure moved from 67.3% to 67.2%.
Energy costs, insecurity, interest rates and exchange rates ranked among the main factors affecting inflation perception, according to the CBN. Respondents gave less weight to raw materials, household purchases and middlemen activity.
Business size produced different results. Micro businesses recorded an Inflation Perception Index of 101.4 points, followed by medium-sized businesses at 63.3 points, large businesses at 63.1 points and small businesses at 57.4 points.
Small businesses recorded the highest perception of moderate inflation at 32.3 points. Large businesses followed at 31.8 points, while medium-sized and micro businesses recorded 27.8 points and 24.7 points respectively.
Businesses also expect weaker price pressures over a longer period. According to the CBN survey, 16.9% of firms expect inflation to moderate within one month, compared with 29.4% within six months.
Households recorded a 23.2% expectation of moderation over six months, while the CBN said both groups expect inflation-related expenditure to decline during the period.
The survey followed a fall in Nigeria’s headline inflation rate to 15.43% in July from 15.91% in June. Food inflation stood at 20.31% year-on-year, while monthly food inflation increased to 5.56% from 3.75%.
The survey also found a wide income gap, with 68.4% of households earning below N70,000 perceiving inflation as high compared with 30.8% of those earning above N450,000.
