world-economy

Nigeria Holds Rates as Iran Conflict Pushes Inflation to Five-Month Peak

Nigeria's central bank maintained its benchmark interest rate as inflation accelerated to a five-month high, driven by surging energy costs stemming from the Iran war. Policymakers held steady despite mounting price pressures that complicated the outlook for monetary policy. The decision came at the bank's first meeting since the conflict began, as elevated crude prices rippled through African economies. South Africa reported its own inflation surge to a 20-month high in April, similarly attributed to fuel cost increases tied to Middle East tensions. Malaysia's central bank also opted to hold rates unchanged, though its inflation remained benign despite higher global oil prices. Central banks across the region face a delicate balancing act between immediate inflationary headwinds and broader economic stability concerns.