Consumer prices in Nigeria rose 14.5 percent in November, down from 16.1 percent in October, according to the National Bureau of Statistics. The slowdown exceeded the median forecast of 15 percent in a survey of economists conducted by Bloomberg, highlighting a faster-than-expected easing in inflationary pressures.

The moderation in prices could give the Central Bank of Nigeria scope to resume lowering interest rates at its next monetary policy meeting on February 24. Analysts are considering a 50 basis-point cut to 26.5 percent, Bloomberg’s Africa economist Yvonne Mhango said, noting that the data strengthens the case for policy easing.

Last month, the central bank kept its benchmark lending rate at 27 percent, surprising markets that expected a reduction. Governor Olayemi Cardoso indicated that future cuts remain on the table if inflation continues to moderate. “As inflation moderates and becomes firmly anchored, we will calibrate policy rates in line with evolving data,” he said.

The November figures point to a potential shift in the central bank’s approach, offering room to balance support for growth with ongoing inflation management.