Nigeria's persistent fight against inflation has resumed, with overall inflation of 32.70% in September due to rising gas prices, marking a clear reversal from the two-month drop seen earlier.

Nigeria's annual inflation fell in July for the first time in 19 months, to 33.40% and then to 32.15% in August. The gap between interest rate and inflation is the lowest of the year.

The rise in the consumer price index is happening despite the Monetary Policy Committee raising the interest rate by 50 basis points to 27.25%, the fifth consecutive rise this year to combat persistent inflation in Nigeria.

In September, Nigerians experienced an upward revision in PMS prices, from N 597.00 to 855.00 N. Last week, the NNPC raised gas prices from 950 N/liter to 998 N/liter in Lagos and up to N 1,003 in the northeastern states, the second increase in two months as the deregulation of prices of gasoline takes full effect.

The rise in prices is mainly due to the dramatic rise in the cost of inputs, including animal feed, corn, and soybeans. High gas prices are also blamed for this increase.