Why Food Prices Are Falling – Economist Dr. Paul Alaje Explains

A senior economist, Dr. Paul Alaje, has explained the reasons behind the noticeable drop in food commodity prices across Nigeria.

Speaking on Tuesday during an interview with Arise Television, Dr. Alaje attributed the reduction to the ongoing harvest season.

“There is a reduction in food prices because we are in the harvest season. Prices are still generally high, but we have seen some decrease in certain commodities,” he said.

He also cited data from the National Bureau of Statistics (NBS), which reported that food prices increased by only 29%.

“So when you look at the inflation figures, they reflect the percentage increase compared to last year. It does not necessarily mean that prices have decreased,” Dr. Alaje explained.

He added that the NBS data indicates that the current price increase is lower than that of last year. According to him, factors such as relative stability in the exchange rate have helped, but challenges like insecurity continue to impact food distribution.

“A few days ago, we saw incidents in Benue, Plateau, Edo, and other areas that raised concerns about food supply,” he noted.