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Inflation Trends in Nigeria
Comparison of inflation metrics from February to March 2026.
Primary Sources
Nigeria joins African peers as Middle East crisis raises inflation for ...
Nigeria has ended its 11-month disinflation streak, with headline inflation rising for the first time since last year March, signalling renewed price pressures across Africa’s most populous nation. Data from the National Bureau of Statistics showed that annual inflation climbed to 15.38 percent last month, up from 15.06 percent in February, placing Nigeria alongside Egypt, Zimbabwe and Kenya where inflation has also begun to trend higher. The uptick reflects renewed pressures from rising food and energy costs, reversing a period of steady easing in prices. Food inflation—the largest component of the consumer basket—accelerated for the second consecutive month to 14.31 percent, up from 12.12 percent in February. On a monthly basis, prices rose by 4.2 percent, marking the sharpest increase since January 2025. “The CPI increased to 135.4 in March 2026, reflecting a 5.4-point increase from the preceding month (130.0),” the apex statistics office said.Related NewsRivers govt, investors say BusinessDay has begun economic revolution, pledge supportEcobank’s profit map shifts as Central, Eastern, Southern Africa take leadDrug abuse: Nigeria major security threat Oil shock drives renewed price pressures The rebound in inflation comes amid heightened global uncertainty triggered by escalating tensions involving the United States, Israel and Iran. Benchmark oil prices surged above $100 per barrel following the outbreak of the conflict in February, briefly easing after a ceasefire announcement last week before rebounding on renewed tensions after US President Donald Trump signalled plans to impose a naval blockade on Iran. For fuel-importing African economies such as Nigeria, the impact has been immediate. Rising pump prices are feeding into higher transport, food and production costs, eroding purchasing power and threatening to reverse recent disinflation gains. The NBS report also revealed that month-on-month inflation accelerated sharply to 4.18 percent, nearly double the level recorded in February. According to the Centre for the Promotion of Private Enterprise (CPPE), last month Consumer Price Index report highlights a critical development in the country’s inflation trajectory, where the earlier gains in disinflation are now being threatened by a resurgence of cost-driven pressures, particularly from energy, food and transportation. “This emerging trend suggests that while inflation had been moderating on a year-on-year basis, underlying structural vulnerabilitie...
Nigerians should expect drop in fuel prices as war in Iran nears end
Oil prices plunge 10% as Iran reopens the Strait of Hormuz. Discover how this geopolitical shift could lead to lower fuel prices and reduced inflation in Nigeria. Global oil prices dropped by over 10% after Iran announced the reopening of the Strait of Hormuz.Brent crude has fallen to approximately $88 per barrel, down from the crisis peak of over $100.For Nigeria, this price dip could lead to lower petrol import costs and ease the domestic inflationary pressure on transportation and consumer goods.Despite the reopening, the situation remains fragile as the US naval blockade of Iranian ports persists, and a permanent peace agreement has yet to be finalised. On Friday afternoon, oil prices dropped sharply, more than 10% in just a few hours, after Iran signalled that the long-disrupted Strait of Hormuz is reopening, at least for now. That single update was enough to send shockwaves through energy markets already stretched by weeks of war. Brent crude fell to about $88 per barrel, while WTI dropped to roughly $82. That’s still higher than where prices sat before the conflict, but it’s a significant step down from the $100+ levels seen at the peak of the crisis. The Strait of Hormuz is the world's most important oil artery, and its reopening is essential for global energy price stability. For Nigeria, where petrol prices are closely tied to global crude trends despite being an oil-producing country, this kind of movement matters. If sustained, it could ease pressure on pump prices, reduce import costs, and even slow inflation slightly. But that’s a big “if.” The shift came after Iran’s Foreign Minister, Abbas Araghchi, announced: “In line with the ceasefire in Lebanon, the passage for all commercial vessels through the Strait of Hormuz is declared completely open for the remaining period of the ceasefire, on the coordinated route as already announced by the Ports and Maritime Organisation of the Islamic Rep. of Iran.” Iran’s Foreign Minister, Abbas Araghchi Markets didn’t wait for further clarity. Prices began falling almost immediately. The Strait of Hormuz is one of the most critical oil routes in the world. Before the war, about 20% of the global oil supply passed through that narrow channel. Since late February, when the US and Israel launched strikes on Iran, triggering a wider conflict, the route had been effectively shut or severely restricted. That disruption is what pushed oil prices up so aggressively in the first place. Shortly after Iran’...
Nigeria Seeks Global Support at IMF Meetings as Middle East Conflict ...
Nigeria's Minister of Finance, Wale Edun, is pushing for increased global support as the country navigates the dual impact of rising oil revenues and mounting inflation triggered by the ongoing Middle East conflict, during the IMF/World Bank Spring Meetings 2026.
Nigerian gov't to adopt measures to mitigate effects of US war with ...
Nigerian President Bola Tinubu has directed the ministers of budget and finance, along with the Head of the Federal Service, to look into how the administration can mitigate the biting effects of the US-Israeli war with Iran on Nigerians.
