Nigerian households and businesses recorded a sharp deterioration in inflation perceptions in April 2026, with the proportion of respondents describing inflation as high rising to 67.2%, up significantly from 56.4% in March 2026. This is according to the Central Bank of Nigeria's April 2026 Consumer Expectations Survey Report, published by the CBN's Statistics Department under the Economic Policy Directorate.
The survey covered 3,587 respondents — 1,923 firms and 1,664 households — drawn from the National Bureau of Statistics establishment frame and the National Population Commission's National List of Enumeration Areas.
Inflation Perception
The Inflation Perception Index stood at 40.5 points in April 2026, indicating that respondents across both business and household categories continue to perceive price levels as elevated. Among households, the share reporting high inflation rose from 61.7% in March to 68.8% in April. Business respondents reported a steeper increase, from 51.9% in March to 65.9% in April.
Breaking down business respondents by firm size, micro businesses recorded the highest inflation perception at 69.9%, followed by large businesses at 65.2%, small businesses at 64.6%, and medium businesses at 63.2%.
The rural-urban divide was also evident. Rural households reported higher inflation perception at 70.4%, compared to 67.6% among urban households. Across income groups, the disparity was pronounced: households earning below ₦70,000 monthly recorded the highest perception of high inflation at 77.9%, while those earning between ₦250,001 and ₦350,000 per month reported the lowest at 46.6%.
Drivers of Inflationary Pressure
Both business and household respondents identified the same five primary drivers: energy costs, transportation, exchange rate volatility, insecurity, and inadequate infrastructure. Raw materials, household purchases, and middlemen activities were rated as less significant contributors to inflationary pressure during the review period.
This is consistent with findings from the March 2026 Household Expectations Survey, which also identified insufficient power supply (74.5%), insecurity (70.9%), high and multiple taxes (69.2%), high interest rates (66.6%), and financial problems (64.3%) as the top five business constraints.
Spending Outlook
Despite elevated inflation perceptions, 67.9% of all respondents expected their expenditure to increase in the current month. Business respondents recorded a slightly higher expenditure outlook at 69.0%, compared to 66.7% among households. Households indicated a greater likelihood that expenditure would remain relatively stable across the review period.
Forward Expectations: Cautious Optimism
While current perceptions were negative, forward-looking expectations showed cautious improvement. Among businesses, the share expecting inflation to increase fell from 52.2% in the near term to 50.5% over the next six months, while those expecting inflation to decline rose from 14.0% to 24.6% over the same period.
Household expectations followed a similar trajectory. The proportion expecting inflation to remain high declined from 65.7% next month to 59.0% over the next six months.
Overall, 58.5% of all respondents expected inflation to increase in the following month, while 56.7% and 54.4% expected increases over the next three and six months respectively.
Interest Rate Preferences
The survey also captured respondents' monetary policy preferences ahead of the CBN's May 2026 MPC meeting. A majority — 63.3% — preferred a reduction in interest rates, while 26.0% wanted rates held unchanged and 10.7% supported further tightening.
The CBN noted high public engagement with its policy communications: 92.1% of respondents reported following CBN communications on inflation and interest rates, with a general perception of transparency recorded at 93.3%. Among business respondents, social media was the primary channel (32.1%), followed by television (17.7%) and online news platforms (12.5%). Among households, radio stations led at 31.0%, followed by social media at 27.1% and television at 13.9%.
What You Should Know
- The CBN's April 2026 Consumer Expectations Survey covered 3,587 respondents comprising 1,923 firms and 1,664 households.
- The proportion of respondents perceiving inflation as high rose from 56.4% in March to 67.2% in April — an increase of 10.8 percentage points in one month.
- The lowest-income households (below ₦70,000/month) reported the highest inflation perception at 77.9%, almost double the 46.6% recorded among mid-income households earning ₦250,001–₦350,000 per month.
- 63.3% of respondents called for a reduction in interest rates ahead of the May 2026 MPC meeting, at which the CBN ultimately held the MPR at 26.5%.
- Nigeria's headline inflation rose to 15.69% in April 2026, up from 15.38% in March 2026, according to the National Bureau of Statistics.
Source:Central Bank of Nigeria,April 2026 Consumer Expectations Survey Report, Statistics Department, Economic Policy Directorate. Published 14 May 2026.