Nigerian households earning between N150,000 and N250,000 monthly mostly felt the pinch of inflation in July, with 71 per cent of them perceiving the cost of goods and services as high, the Central Bank of Nigeria’s latest survey showed.

The CBN disclosed this in its July 2026 Inflation Expectations Survey Report, released on Friday by the Statistics Department under the Economic Policy Directorate.

The percentage indicated that Nigerians in those income brackets perceived inflation higher in July than other income groups.

“An analysis of households’ perceptions by income revealed that households earning ₦150,001-₦250,000 monthly (71.0 per cent) had the highest proportion of respondents who perceived inflation as high,” the apex bank said.

However, respondents earning below N70,000 reported high inflation perception at 66.2 per cent, while those in the N70,000 and N150,000 income group recorded 66.9 per cent. Those earning between ₦350,001 and ₦450,000 monthly reported the lowest perception of high inflation at 55 per cent in July. 

The CBN said that the Inflation Perception Index stood at 40 points in the period under review, noting that this indicates respondents’ perceived current inflation rate as moderate compared to June.

“Among household respondents, the proportion who perceive inflation to be high decreased from 76.0 per cent in June 2026 to 67.3 per cent in the review month,” it said.

The CBN said the Inflation Expectation Index is expected to fall to 21.2 points, “signalling a further easing of inflationary pressures.”

It said that 70.6 per cent of micro businesses also viewed inflation as high, while large businesses perceived it as low, at six per cent.

“A higher proportion of urban households reported high inflation (68.8 per cent) than rural households (64.3 per cent),” it added.

It noted that “the percentage of businesses who perceive inflation as high declined from 67.3 per cent in June 2026 to 65.4 per cent in the review month.

The survey identified natural disasters, infrastructure challenges, energy costs, insecurity, interest rates, transportation, middlemen activities and exchange rates as key drivers of Nigerians’ perception of inflation.

“Overall, business and household respondents anticipate a gradual reduction in inflation-related expenditure over the next six months,” the CBN said. “This expectation is largely influenced by business respondents, who exhibit a more optimistic outlook regarding the easing of inflationary pressures.”

The survey comes as Nigerians continue to grapple with the rising cost of living, further compounded by the removal of the fuel subsidy and the floating of the naira.