Nigerians earning between N30,000 and N100,000 per month recorded the highest perception of inflation in December 2025, the Central Bank of Nigeria Inflation Expectations Survey (IES) disclosed.
The December IES, based on interviews with 3,512 respondents comprising 1,848 firms and 1,664 households, showed that 54.9 percent of respondents viewed the inflation rate as high during the period.
The findings highlight the burden faced by low-income earners. A related report by the Nigerian Financial Services Market (NFSM) further illustrates the challenge, noting that nearly half of Nigerians earn less than N50,000 a month, an amount described as insufficient to feed a family of two for a week, let alone survive an emergency.
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Respondents of the CBN report identified the major factors shaping their inflation outlook. It said, “Energy, transportation, exchange rate, insecurity, and interest rate were the top five drivers of inflation perceptions in December 2025.”
In contrast, the report added that natural disasters, activities of middlemen, infrastructural challenges, and raw material or household purchases were perceived as the least significant contributors.
The survey also revealed a mild urban-rural divide in inflation perception. Urban respondents reported a higher inflation perception at 52.9 percent, compared with 51.6 percent among rural dwellers, reflecting higher living and transportation costs in cities.
Despite these pressures, businesses and households expressed improved sentiment about price movements in December. The IES declined to 41.7 points from 43.5 points in November, indicating easing inflation perceptions across the economy.
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“The drop in the index indicates improved sentiments about prices, reflecting easing inflation perceptions across both businesses and households,” the report said.
Business inflation perception declined to 48.3 percent in December from 50.3 percent in November, while household perception eased to 52.2 percent from 54.7 percent over the same period.
“Business respondents drove the decline in current inflation perception. Businesses were also the major drivers of the opinion that expenditure will remain stable across all time periods in December,” the report noted.
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By firm size, micro businesses continued to feel the most pressure, with 52.8 percent reporting high inflation perception, followed by large firms at 50.7 percent, small firms at 46.0 percent, and medium-sized businesses at 45.5 percent, which recorded the lowest perception of high inflation.
On moderate inflation, small-sized businesses led with 48.3 percent, ahead of medium firms at 46.6 percent, large firms at 45.1 percent, and micro businesses at 41.2 percent, the survey added.