I think you misread the data. NOAA says sea level is rising 3.3mm each year. 3.3mm is almost exactly an eighth of an inch. [1]
“In 2014, global sea level was 2.6 inches above the 1993 average—the highest annual average in the satellite record (1993-present). Sea level continues to rise at a rate of about one-eighth of an inch per year.”
“In 2014, global sea level was 2.6 inches above the 1993 average—the highest annual average in the satellite record (1993-present). Sea level continues to rise at a rate of about one-eighth of an inch per year.”
[1] https://oceanservice.noaa.gov/facts/sealevel.html