Nigerians Earning Below N70,000 Feel Inflation Impact Most

A survey conducted by the Central Bank of Nigeria (CBN) revealed that 68.4% of Nigerians earning below N70,000 perceived inflation as high in August 2026, marking the highest perception level among income categories. In comparison, only 30.8% of households earning above N450,000 shared this view, indicating a stark disparity in inflation experiences.

The N70,000 threshold aligns with Nigeria's current minimum wage, underscoring the acute impact of rising prices on lower-income households. The CBN's Inflation Perception Index recorded 39.6 points in August, a slight decrease from 40.0 points in July, with the overall perception of inflation remaining elevated.

The survey also indicated that businesses and households expect inflation-related expenditures to decline over the next six months. Additionally, Nigeria's headline inflation rate fell to 15.43% in July 2026, down from 15.91% in June, while food inflation was reported at 20.31% year-on-year in July 2026.