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Nigeria Consumer Prices (Jul.)

Inflation in Nigeria jumped to 19.6% y/y last month and we think that the headline rate will rise a bit further. Policymakers are likely to respond by raising the benchmark interest rate from 14.00% to 14.50% at the next MPC meeting in September, but we suspect the tightening cycle will not run beyond that as price pressures start to ease and the elections come into view.

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