Nigeria’s Inflation Rises To 15.38% In March 2026 Amid Israel-US-Iran War, Oil Price

Nigeria’s inflation rises to 15.38% in March 2026 amid Israel-US-Iran war, oil price surge Global supply chain disruptions and rising energy costs push consumer prices higher despite earlier easing trend. Nigeria’s headline inflation rate increased to 15.38 per cent in March 2026, driven largely by rising global oil prices, disruptions to supply chains caused by the Israel-US-Iran conflict, and renewed pressure on transportation and food costs across the country.

Data released by the National Bureau of Statistics (NBS) showed that inflation rose from 15.06 per cent recorded in February, marking a 0.32 percentage-point increase and signalling a pause in Nigeria’s recent disinflation trend. The Consumer Price Index (CPI) climbed to 135.4 points, reflecting sustained increases in the general price level nationwide. Economists attribute the uptick largely to global developments, particularly the ongoing Israel-US-Iran war, which disrupted energy markets and international trade routes. The conflict affected shipments through the Strait of Hormuz a key global oil corridor triggering spikes in fuel prices and transportation costs worldwide. Higher crude oil prices translated into increased domestic fuel and logistics expenses in Nigeria, despite the country being an oil producer. Limited refining capacity meant global price shocks filtered directly into local markets, pushing up costs of food distribution, manufacturing inputs, and imported goods.

• Headline inflation: 15.38% March 2026
• Previous month: 15.06% February 2026
• Month-on-month inflation: 4.18%
• Urban inflation 14.64%
• Rural inflation 17.22%

Food prices, transport fares, restaurants, and accommodation services remained the biggest contributors to rising inflation, even though food inflation slowed slightly compared to previous highs. Several states recorded sharper price pressures, highlighting uneven economic conditions across the federation. Analysts say the Middle East conflict has created one of the most significant global energy shocks in recent years. Oil prices surged after military escalation disrupted supply routes and tightened global energy availability, raising production and import costs for many economies. The resulting supply chain disruptions have also increased the prices of fertilizers, raw materials, and consumer goods, feeding inflationary pressure in developing economies including Nigeria. The renewed rise in inflation suggests Nigerian households may continue to face higher living costs, especially in food, transport, and energy expenses. Analysts warn that persistent global instability could slow the pace of price moderation expected earlier in the year.

Despite the increase, Nigeria’s inflation remains significantly lower than levels recorded in March 2025, indicating partial progress in stabilising prices over the past year. Economists expect inflation to remain sensitive to global oil movements and geopolitical tensions. Continued volatility in energy markets and supply chains may sustain pressure on consumer prices unless global conditions stabilise and domestic production improves. The Guardian Nigeria | National Bureau of Statistics | Channels Television | Economic analysts reports