How to downgrade my ios 7.1.1 iphone 5 to ios 7.0.6 or below?

How can i downgrade my ios 7.1.1 iphone 5 to ios 7.0.6 or below?

You can't be able to since it's install on each iphone as it dfferes on the version. However, you can uninstall 7.1.1 and install 7.0.6. That should work.

You can't do that on newer devices. Only A4 Devices and below (iPhone 4) can downgrade, assuming you have the correct SHSH Blobs saved for the specific version of iOS you want to downgrade to.

So you're pretty much stuck on 7.1.1, unless there happens to be a way to downgrade, which is very unlikely.

If you're wanting to jailbreak, consider waiting a bit, there might be jailbreak available soon.