Nigeria Inflation Soars to 20-Year High as Food Prices and Currency Depreciation Bite
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Nigeria's annual inflation rate rose to 26.72% in September, its highest level in about two decades.
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Food inflation, making up the bulk of Nigeria's inflation basket, rose to 30.64% in September from 29.34% in August.
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Inflation has risen amid reforms by President Bola Tinubu, including removal of fuel subsidies that tripled prices.
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The naira has depreciated over 50%, sending prices surging in Africa's top oil producer and most populous nation.
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Analysts expect the central bank to respond with aggressive rate hikes to combat worsening inflation.
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