Illustration of inflation. Photo: Premium Times.
Nigeria’s hard-fought, 11-month disinflation streak officially ground to a halt in March 2026, as a fresh wave of global energy disruptions forced headline inflation back on an upward trajectory, ultimately hitting 15.93 per cent in May.
This revelation is according to the newly released Meristem 2026 Half-Year Outlook, tagged “Stability Meets Uncertainty, Reprising Risks, Sustaining Growth,” which was officially released by Meristem on Wednesday.
The sudden reversal has been heavily tied to “Operation Epic Fury,” a 38-day joint United States-Israeli military campaign against Iran that commenced on 28 February 2026. The military action led to the effective closure of the critical Strait of Hormuz, triggering a massive global energy shock that drove Brent crude prices above $110 per barrel at its peak.
“The global oil shock trickled down into higher domestic fuel and transportation costs,” market analysts noted in the report, highlighting the swift transmission of international energy volatility into the local Nigerian economy.
