While consumers in Benue State are celebrating the decreasing prices of food commodities in the open market, middlemen are lamenting losses.

The Guardian learnt that these middlemen had hoarded essential food commodities, hoping to make significant profits following last year’s soaring food prices, which reached an all-time high in the third and fourth quarters.

To capitalise on the trend, there was a rush to purchase and store food commodities between November and February, traditionally the peak harvesting season for most crops in Benue.

Ironically, food prices began to decline immediately after the Christmas rush and have continued on a steady downward trend, much to the dismay of hoarders and middlemen.

For instance, Dorcas Tsar, a local government employee who borrowed money from her workplace thrift and loan scheme to stockpile rice, is now lamenting her decision. She told The Guardian that she bought a bag of rice paddy in January for N95,000, expecting a price hike, but it is now selling for between N65,000 and N70,000 in Benue.

Tsar is just one of thousands of small-scale food hoarders across the state. While none of the known large-scale hoarders agreed to speak with The Guardian, sources revealed that many bought rice between December and January at prices ranging from N95,000 to N105,000 per bag.

Farmers who delayed selling their produce in anticipation of higher prices are now confused as they witness the continued price decline.

The price drop has affected not just rice but also other food commodities. A bag of bambara nuts (okpa), which sold for between N270,000 and N300,000 in December and January, now goes for N220,000.

Similarly, a bag of cassava flour (elubo) that maintained a price of N30,000 since December now sells for N25,000 in some rural markets. A bag of guinea corn, which sold for N120,000 in December, has dropped sharply to between N75,000 and N80,000 in the past week.

The downward trend has also impacted yams, one of the major staples in Benue State, known as the food basket of the nation.

When asked about the cause of the price crash, a trader who identified himself as Terdoo attributed it to rumours of massive foreign rice importation by the federal government.

He claimed this has disrupted market forces and contributed to the declining cost of food items.