Nigeria’s central bank looks set to reduce borrowing costs again after October data showed the slowest rise in consumer prices in over three years, reinforcing a gradual shift toward inflation-targeted policy, Bloomberg reported.

Policymakers, scheduled to meet on November 25, are weighing another rate cut following a 50-basis-point reduction in September to 27 percent. Economists say the case for easing has strengthened as price growth slows across key sectors.

Annual inflation fell to 16 percent from 18 percent in September, below the 16.6 percent median forecast, while monthly consumer prices rose 0.9 percent after a 0.7 percent gain in September. Food inflation, a critical component of household spending, slowed to 13.2 percent from 16.9 percent, helped by a strong harvest and a firmer naira that eased import costs.

The central bank has also introduced a transition roadmap toward an inflation-targeting framework, signaling a strategic shift in how it balances price stability with economic growth.