Nigeria Consumer Prices (Sep. '24)

Nigeria’s headline inflation picked up to 32.7% y/y in September, confirming that the CBN’s fears about upside risks from last month’s petrol price hikes were not misplaced. We think the CBN will respond with one last interest rate hike at next month’s MPC meeting, before a fading of inflation pressures prompts a turn to interest rate cuts in 2025.

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