Nigeria's inflation rate fell for the seventh consecutive month in October, driven by a further sharp drop in inflation food, according to figures published on Monday by the National Agency for statistic.

This data could encourage the central bank to cut again its interest rates next week, on the occasion of the announcement of its last monetary policy decision for the year 2025.

The National Bureau of Statistics reported that consumer price inflation had slowed to 16.05% over one year on last month, compared to 18.02% in September.

This recent trend of disinflation comes after several years of sharp price increases, compounded by the devaluations of the national currency, the naira, and the removal of energy subsidies expensive since President Bola Tinubu came to power in 2023.

Consumer prices had reached a peak close to 35% in December, but they have been on a downward trajectory since the statistical office revised its base year and adjusted the weighting items that make up its price basket.

Food inflation, the main driver of the rate overall, stood at 13.12% over one year in October, compared to 16.87% in September.