Nigeria inflation rises to 12.2%

The National Bureau of Statistics (NBS) on Tuesday revealed that inflation rose by 12.20 percent year-on-year in February.

According to NBS, the inflation rate of 12.2 percent, 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, as prices continue to soar after months of steady decline.

According to the NBS report, the urban inflation rate increased to 12.85 percent year-on-year in February from 12.78 percent recorded in January this year.

Nigeria’s economy, along with much of the world’s, is experiencing massive contraction as the coronavirus crisis takes a devastating toll.