world-economy

Nigeria Inflation Hits Six-Month Peak as Middle East War Lifts Fuel Costs

Nigeria's inflation rate reached its highest point in half a year, driven by escalating fuel prices tied to the Middle East war. The uptick reflects broader regional economic pressures affecting developing markets across Africa and South Asia. Pakistan's central bank held its benchmark interest rate steady this week, balancing inflation risks from the conflict against signs of economic slowdown. Air cargo operators are adopting a cautious approach to pricing. Shippers are delaying new contract negotiations and extending existing agreements rather than committing to current elevated rates. Market participants indicate the extraordinary pricing surge triggered by the Middle East crisis may be moderating. Oil prices have retreated to their lowest levels since the conflict's early stages, suggesting potential relief ahead for fuel-dependent economies.