Nigeria's Annual Inflation Climbs Unexpectedly in March

(MENAFN) Nigeria's annual inflation rate climbed unexpectedly in March, as rising energy costs tied to the Middle East conflict piled fresh pressure on Africa's largest economy, official figures revealed Wednesday.

The National Bureau of Statistics reported the headline inflation rate edged up to 15.38% from 15.06% in February — sharply defying market forecasts that had anticipated a cooldown to 13.8%. On a monthly basis, consumer prices advanced 4.2% in March.

Underlying data painted an equally concerning picture: food inflation registered at 14.31%, while core inflation — which strips out food and energy — came in at 16.21%, signaling that price pressures remain deeply entrenched despite earlier indications of a gradual easing trend.

The acceleration coincides with continued turmoil in global commodity markets driven by the ongoing Middle East war. In a joint statement issued April 13, the leaders of the International Energy Agency, the International Monetary Fund, and the World Bank warned that the conflict had driven up oil, gas, and fertilizer prices, bearing down hardest on energy-importing economies.

Nigeria's exposure has been further aggravated by persistent disruption around the Strait of Hormuz — a vital artery for global energy flows — raising the threat that elevated import costs for fuel and key inputs will continue filtering through to domestic prices, keeping inflation stubbornly elevated in the months ahead.

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