CPPE: Geopolitical Tensions in Middle East Behind Rise in Inflation Rate
Dike Onwuamaeze
The Chief Executive Officer of Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, has stated that the marginal increase of 0.24 per cent in headline inflation from 15.69 per cent in April 2026 to 15.93 per cent in May 2026, reflected the continuing impact of recent geopolitical tensions in the Middle East on global energy markets and supply chains.
Yusuf, who said this yesterday, noted that the surge in crude oil prices, elevated marine insurance costs, as well as disruptions to shipping routes and higher import costs have all combined to exert upward pressure on domestic prices.
He, however, said that beneath the year-on-year increase lies a more encouraging trend as headline inflation moderated on a month-on-month basis from 2.13 per cent in April to 1.75 per cent in May, while food inflation eased from 3.63 per cent to 2.98 per cent.
