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Nigeria Consumer Prices (Aug.)

Nigeria’s headline inflation rate surpassed 20% y/y for the first time in 17 years in August and we think that this will prompt the central bank to respond with a 50bp increase to its benchmark interest rate, to 14.50%, later this month. But with inflation close to a peak and elections in early 2023 coming into view, further monetary tightening beyond September seems unlikely.

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