Nigeria Inflation Soars to 20-Year High as Food Prices and Currency Depreciation Bite

Nigeria's annual inflation rate rose to 26.72% in September, its highest level in about two decades.

Food inflation, making up the bulk of Nigeria's inflation basket, rose to 30.64% in September from 29.34% in August.

Inflation has risen amid reforms by President Bola Tinubu, including removal of fuel subsidies that tripled prices.

The naira has depreciated over 50%, sending prices surging in Africa's top oil producer and most populous nation.

Analysts expect the central bank to respond with aggressive rate hikes to combat worsening inflation.