Nigeria, April 8 -- The World Bank has cautioned that rising global oil prices could push Nigeria's headline inflation up by about 3.1 per cent points, driven largely by transport and other energy-related costs.

The bank issued the warning in the Nigeria Development Update released on Tuesday, citing the ongoing Middle East conflict between the US/Israel and Iran for the cause.

The ongoing Middle East conflict has resulted in a global oil price surge after Iran closed the Strait of Hormuz, pushing crude prices from below $70 in late February to more than $100 by mid-March. Nigeria's headline inflation in February stood at 15.06 percent.

In the Development Update, the World Bank warned that the surge in the oil price will add 3.1 per ce...