policy

Nigeria Inflation & Cost of Living Crisis 2026: Complete Data Analysis

Nigeria inflation rate stands at 24.8% as of Q1 2026. Our analysis combines NBS data with the Naira Confidence Tracker survey (n=2,047) to show how Nigerians are coping with the cost of living crisis.

NigeriaPolls Research Unit10 June 202610 min read

WA 𝕏 in f

Nigeria Inflation & Cost of Living Crisis 2026: Complete Data Analysis

Published: June 2026 | Data Source: NBS + NigeriaPolls Naira Confidence Tracker (n=2,047, ±2.2% MoE)

The Macro Picture

Nigeria inflation rate stood at 24.8% year-on-year in April 2026, according to the National Bureau of Statistics. While this is a slight moderation from the 28.9% peak in early 2025, prices continue to rise at a pace that outpaces wage growth for most Nigerians. Food inflation remains particularly stubborn at 26.7%.

Our Naira Confidence Tracker survey (n=2,047, ±2.2% MoE) reveals how these macroeconomic forces are affecting real households.

How Nigerians Are Coping

When asked how the cost of living crisis has affected their household in the past 6 months:

Impact	% of Respondents
Reduced meal portions or skipped meals	58%
Cut back on children school expenses	41%
Sold assets or took additional loans	36%
Moved to cheaper accommodation	28%
Started a side business	44%
Withdrew children from private school	17%

64% of respondents report their household income no longer covers basic expenses — the highest figure since we began tracking this metric in 2022.

Food Prices: The Biggest Burden

Food accounts for the largest share of household spending. Our price tracking across major markets shows:

Item	Price Jan 2023	Price June 2026	% Increase
50kg bag of rice	₦38,000	₦92,000	+142%
Dozen eggs	₦1,200	₦3,800	+217%
1 litre vegetable oil	₦1,800	₦4,500	+150%
1kg frozen chicken	₦2,500	₦5,800	+132%
Loaf of bread (medium)	₦700	₦1,800	+157%
1kg tomato (fresh)	₦800	₦2,200	+175%

52% of survey respondents spend over 60% of their income on food alone, leaving little room for other necessities.

Transport & Logistics

Transport costs have risen sharply, driven by the removal of fuel subsidies and naira devaluation:

Petrol price: From ₦195/litre (May 2023) to ₦750–₦950/litre (June 2026) — a 285% increase
Interstate bus fares: Up 180–220% since subsidy removal
Urban commute costs: Average 150% increase across major cities

The Naira Factor

The naira exchange rate has moved from approximately ₦460/USD (official) in May 2023 to ₦1,520–₦1,580/USD (June 2026). This 240%+ depreciation directly impacts import-dependent sectors:

Food imports become more expensive, driving food inflation
Manufacturing input costs rise, passed on to consumers
Fuel prices track the parallel market rate

Regional Disparities

The cost of living crisis is not uniform. Our survey found:

North-West and North-East households spend the highest proportion of income on food (67–72%)
South-West households face the highest housing costs but have better income opportunities
South-South households report the highest transport costs due to poor road infrastructure

What Needs to Change

Nigerians are clear about what they want from policymakers:

Stable electricity supply to reduce alternative energy costs (cited by 61%)
Lower food prices through agricultural policy (cited by 54%)
Stable exchange rate to enable business planning (cited by 47%)
Job creation programs targeted at youth (cited by 43%)

Methodology: Inflation data from NBS CPI reports (April 2026). Survey data from NigeriaPolls Naira Confidence Tracker survey (n=2,047, ±2.2% MoE, 95% CL). Market prices tracked monthly across Lagos, Abuja, Port Harcourt, Kano, and Enugu markets. Full data at NigeriaPolls Research.