Nigeria Inflation Climbs as Energy Shock Drives Price Pressures

(MENAFN) Nigeria’s annual inflation rate rose to 15.38% in March, driven by higher energy-related costs linked to ongoing instability in the Middle East, according to official figures released by the National Bureau of Statistics.

The increase marks an unexpected uptick from 15.06% in February, while economists had anticipated a decline to around 13.8%. On a monthly basis, consumer prices rose by 4.2% in March, reflecting continued upward pressure on household costs.

The data also showed that food inflation reached 14.31%, while core inflation—which excludes food and energy—stood higher at 16.21%. This suggests that underlying price pressures remain strong even as earlier signs had pointed to some easing.

Officials and analysts attribute part of the inflationary surge to disruptions in global energy markets linked to the ongoing conflict in the Middle East, which has pushed up prices for oil, gas, and fertilizers.

A joint statement from the International Energy Agency, the International Monetary Fund, and the World Bank noted that the conflict is disproportionately affecting energy-importing countries, increasing costs across multiple sectors.

The situation has been further complicated by continued instability around the Strait of Hormuz, a key global shipping route for energy supplies. This has heightened concerns that rising import costs for fuel and agricultural inputs could continue to feed into domestic inflation in economies like Nigeria.

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