Key facts
- Nigeria's annual inflation rate slowed more than expected in November to 14.5%.
- Consumer prices rose 16% in October, down from 18% in September.
- In July, inflation slowed to 21.9% from 22.2% in June.
- In May, inflation rose to 15.9% from 15.7% the previous month.
- The slowdown in inflation strengthens the case for Nigeria's central bank to cut borrowing costs.
Nigeria's annual inflation rate has slowed at various points, strengthening the case for the central bank to consider cutting borrowing costs. In November, consumer prices rose 14.5%, compared with 16.1% in October, and below the median estimate of 15% from economists. This followed a slowdown in October, when prices rose 16%, compared with 18% in September, and below the median estimate of 16.6%. Earlier in July, inflation cooled to 21.9% from 22.2% in June, with economists expecting 21.8%. In May, prices rose 15.9% from 15.7% the month before, trailing the median estimate of 16.2%. The easing of inflation, coupled with a hypothetical deal to reopen the Strait of Hormuz, may revive the argument for reducing borrowing costs.