By George Omagbemi Sylvester
Nigeria’s inflation rate has risen to 15.38% in March 2026, reflecting renewed economic pressure driven largely by global geopolitical tensions and rising energy costs.
Latest data from the National Bureau of Statistics on April 14th shows inflation increased from 15.06% in February, marking the first upward movement after months of gradual decline.
The spike has been strongly linked to the ongoing conflict involving Israel, the United States, and Iran, which has disrupted global oil supply chains and triggered a sharp increase in fuel prices. Higher fuel costs have, in turn, driven up transportation and food prices; key components of Nigeria’s inflation basket.
Food inflation rose significantly to over 14%, while transport costs surged due to increased petrol and diesel prices, placing additional strain on households already grappling with high living costs.
This development highlights Nigeria’s vulnerability to external shocks, where global conflicts quickly translate into domestic economic hardship.
While recent reforms had begun stabilising inflation, the current trend suggests that external factors (particularly energy market disruptions) remain a major threat to sustained economic recovery.
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