Nigeria’s monthly inflation rate rose to 22.8% YoY in June from 22.4% in May, a seven-year high in June after president Tinubu removed fuel subsidies and permitted currency depreciation before declaring a state of emergency to manage staple food prices. Prices surged by 2.1% MoM in June, the steepest rate since May 2016. The naira has depreciated about 40% against the USD in the past month, and fuel prices have almost tripled.