Nigeria’s Inflation rate hits new high in 21 months at 12.2%

The National Bureau of Statistics on Tuesday said inflation rose by 12.20 percent year-on-year in February.

The inflation rate of 12.2 percent, according to the bureau is 0.07 percentage points higher than the 12.13 percent recorded in January.

The 12.2 percent index is also the highest recorded by the economy in the last 21 months.

The NBS said the urban inflation rate increased by 12.85 percent year-on-year in February from 12.78 percent recorded in January this year.

On the other hand, the NBS report said the rural inflation rate increased by 11.61 percent in February from 11.54 percent recorded in January.

On a month-on-month basis, the report said the urban index rose by 0.82 percent in February, up by 0.10 percentage points from the 0.92 percent recorded in January.

It also said the rural index rose by 0.76 percent in February, down by 0.07 from the 0.83 percent recorded in January.