Nigeria's consumer price index, which determines the prices of goods and services, stood at 12.3% last month (January 2020), according to data released by the National Bureau of Statistics (NBS) on Tuesday, February 18.

The country's inflation jumped from the 11.98% recorded in December 2019, to 12.3%, which happens to be the highest in 21 months.

The consumer price index, (CPI) which measures inflation, increased by 12.13% (year-on-year) in January 2020. This is 0.15 percentage points higher than the rate recorded in December 2019 (11.98%).

The report reads in parts, “On a month-on-month basis, the headline index increased by 0.87% in January 2020, this is 0.02% rate higher than the rate recorded in December 2019 (0.85%)."

According to the report, the urban inflation rate rose to 12.78% year-on-year in January 2020 from 12.62% in December 2019, while the rural inflation rate increased by 11.54% in January 2020 from 11.41% in December 2019.