### Summary
The top 10 African nations where inflation spiked the most from January to July are Egypt, Congo, Gambia, Benin, Malawi, Nigeria, Zambia, Somalia, Madagascar, and Burundi.
### Facts
- 🇪🇬 Egypt experienced the highest inflation spike of 10.7% from January to July.
- 🇨🇩 Congo's inflation rate increased by 10.5% during the same period.
- 🇬🇲 Gambia saw an inflation spike of 4.7%.
- 🇧🇯 Benin experienced a 2.6% increase in inflation.
- 🇲🇼 Malawi's inflation rate went up by 2.5%.
- 🇳🇬 Nigeria's inflation rate increased by 2.3%.
- 🇿🇲 Zambia had a 0.9% inflation spike during the period.
- 🇸🇴 Somalia experienced a 0.4% increase in inflation.
- 🇲🇬 Madagascar's inflation rate went up by 0.4%.
- 🇧🇮 Burundi saw a 0.4% inflation spike.
### Summary
Nigeria's removal of fuel subsidy and the floating of the naira have led to increased petrol and import costs, resulting in a severe inflation surge.
### Facts
- 📅 On May 29, Nigeria's president Bola Ahmed Tinubu announced the removal of fuel subsidy and the floating of the naira.
- 💰 Since these decisions, there has been a rise in petrol and import costs.
- 📉 Nigeria's inflation rate reached 24.08% at the end of July 2023, with experts predicting an average rate of 25.1% for the year.
- 📊 The inflation rate is measured by the Consumer Price Index (CPI) and reflects the annual percentage change in the cost of acquiring goods and services.
- 💵 The value of the naira is now determined by market forces in the foreign exchange market.
- 📈 The table above shows the average yearly inflation rate experienced by Nigerians between 1999 and 2022.
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Turkish annual consumer price inflation rises for the third consecutive month, reaching 61.53% in September due to recent tax hikes and lira weakness, just below expectations; economists predict inflation to reach 70% by year-end.
Inflation has remained high, with the latest figures showing a rate of 3.7%, and more rate hikes may be on the horizon as the Fed aims to bring inflation down to around 2% in the short term.