Or the motor shaft has baked on lubricant on it, and needs to be cleaned. To do this, the motor has to be disassembled. Not particularly difficult, but if you have never done it before, be very careful and pay close attention to all the steps you take. Once it is apart, use MEK or something to clean any residue off the shaft. Lubricate the bearings, and put the thing back together. Then whack the motor or motor shaft with the plastic handle of a screwdriver. This will help realign the bearings, which are made to be adjustable.
One other thing to consider is that the motor cap may be out of spec and need replacing, and this can have an effect on motor speed in some motors.