Kenya’s inflation rate remained below the 5% midpoint of the central bank’s target range for an eighth straight month in January, providing scope for the central bank to cut interest rates next week.

Consumer prices rose 3.3% from 3% in December, Nairobi-based Kenya National Bureau of Statistics said Friday in an emailed statement. That was higher than the 2.8% median estimate of three economists in a Bloomberg survey.

The main contributors to inflation accelerating were food and transport prices.

Inflation remaining below the midpoint of the central bank’s target range and expectations that it will stay benign because of the shilling’s relative stability against the dollar and weak consumer demand may convince policymakers to cut interest rates for a fourth straight meeting on February 5. In December they lowered the benchmark rate by a bigger-than-expected margin of 75 basis points to 11.25%.

The Kenya Bankers Association’s research arm on Wednesday called for another reduction to encourage borrowing and support economic growth.

The economy grew at its slowest pace in almost four years in the third quarter after all key industries recorded less output following anti-government protests and private sector credit has decelerated.