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Nigerians earning less than ₦70,000 a month recorded the highest perception of inflation in August 2026, underscoring the uneven impact of rising prices on households across different income groups, according to the latest Central Bank of Nigeria (CBN) survey.
The survey found that 68.4 per cent of respondents earning below ₦70,000 perceived inflation as high during the month, making the income group the most affected by the rising cost of living among the categories covered.
The finding provides another indication that improvements in headline economic indicators do not necessarily translate into the same experience for every Nigerian household.
For low-income earners, a greater share of monthly income is typically committed to essential expenses such as food, transportation, housing and other basic needs. As prices rise, there is consequently less room to absorb additional costs.
Lower-income households face stronger price pressure
The CBN survey highlights a clear difference in how inflation is experienced across income groups.
While inflation affects households broadly, its impact can be particularly pronounced among Nigerians with lower monthly earnings because essential goods and services account for a larger proportion of their spending.
A household earning ₦70,000, for example, has considerably less flexibility to absorb an unexpected increase in food, transport or utility costs than a higher-income household.
This means that even when the pace of price increases begins to moderate, households can continue to feel significant pressure because the prices of many goods remain considerably higher than they were previously.
The latest survey therefore provides an important perspective on the difference between slowing inflation and falling prices.
Inflation perception remains a key economic indicator
The CBN’s survey is significant because consumers’ perception of inflation can influence household spending, saving and borrowing decisions.
When people believe prices will continue rising, they may bring forward purchases, reduce discretionary spending or change the way they manage their income.
For businesses, consumer sentiment can also influence demand for goods and services.
The survey’s findings therefore provide policymakers with information beyond the headline inflation rate by showing how different categories of Nigerians are experiencing prevailing economic conditions.
Why the ₦70,000 threshold matters
The income category is particularly relevant against Nigeria’s current wage environment.
The ₦70,000 national minimum wage became a major reference point in discussions about workers’ purchasing power and the ability of households to cope with higher living costs.
However, the CBN survey’s finding should not be interpreted to mean that only Nigerians earning below ₦70,000 are experiencing inflationary pressure.
Higher-income groups are also affected by rising prices, but their ability to absorb increases can differ substantially depending on household size, location, debt obligations and spending patterns.
The survey instead illustrates how inflation can have a disproportionate effect on households with limited disposable income.
Food and transport remain critical household pressures
For lower-income households, food prices remain particularly important because food represents a significant part of everyday expenditure.
Transport costs can also quickly affect household budgets, especially for workers and families that depend on public transportation.
An increase in either category can leave less money available for education, healthcare, savings, communication services and other household needs.
This explains why Nigerians can continue to describe inflation as high even when the overall inflation rate is moving in a more favourable direction.
The issue is not only how quickly prices are increasing, but also the level prices have already reached.
What the survey means for consumers
For consumers, the CBN finding reinforces the reality that economic recovery can be experienced differently across income groups.
A reduction in the rate of inflation does not mean that food, transport or other goods automatically become cheaper. It means prices are increasing at a slower pace.
For a household already struggling to meet its monthly expenses, that distinction is important.
If income growth does not keep pace with the accumulated increase in the cost of essential goods and services, purchasing power can remain under pressure even as inflation moderates.
Policymakers face a difficult balancing act
The findings also highlight the challenge facing policymakers as Nigeria seeks to stabilise prices while supporting economic growth.
Monetary and fiscal measures aimed at restoring macroeconomic stability can take time to filter through to household finances.
The CBN will therefore have to balance its efforts to contain inflation with the broader need to support productive economic activity, employment and access to affordable credit.
At the same time, sustained improvements in food supply, transportation infrastructure, energy availability and domestic production could help address some of the underlying pressures feeding into household costs.
Low-income Nigerians remain the pressure point
The CBN survey’s 68.4 per cent inflation perception among Nigerians earning below ₦70,000 offers a reminder that economic statistics need to be viewed alongside the lived experience of households.
As one economic reality may look increasingly stable on paper, families with limited incomes can still face difficult choices over what to buy, what to postpone and what to do without.
For policymakers, the challenge is therefore not simply to reduce inflation, but to ensure that income growth, employment opportunities and lower living costs eventually translate macroeconomic improvements into stronger purchasing power for ordinary Nigerians.
The latest survey makes clear that, for the country’s lowest-income earners, the cost-of-living question remains far from settled.
