Senior economist, Dr. Paul Alaje, has explained why Nigerians are beginning to see a slight drop in food prices across the country.

Speaking in an interview on Arise Television, Alaje attributed the recent reduction to the ongoing harvest season, which has boosted the availability of food in markets.

“There is a reduction in food prices because we are in harvest season. Prices are still generally high, but some commodities have dropped compared to previous months,” he said.

He clarified that the latest inflation numbers from the National Bureau of Statistics (NBS) show food prices are still rising—by about 29% compared to last year—but the rate of increase is slower than before.

“In simple terms, prices have not gone down completely; they are just not rising as sharply as they did last year,” Alaje explained.

The economist added that while stability in the exchange rate has helped improve the situation, insecurity in farming regions continues to affect food production and distribution. He pointed to recent incidents in Benue, Plateau, and Edo states as examples of the challenges still facing the agricultural sector.

Alaje emphasized that tackling insecurity and improving supply chains will be crucial to ensuring long-term food affordability in Nigeria.