Economic experts are forecasting a significant rise in the prices of consumer goods throughout 2026, as the ongoing conflict between the United States, Israel, and Iran continues to escalate.

The conflict has already pushed global oil prices above $100 per barrel, with the resulting increase in fuel costs impacting both local manufacturers and consumers in Nigeria.

The war, which began in February 2026 after US and Israeli forces launched strikes on Iran due to failed nuclear talks, was initially expected to last just a few weeks.

However, more than a month later, the situation shows no signs of resolution, heightening fears about long-term economic effects, particularly on the cost of living.