It would be more accurate to say "Lower demand and profit" not prices.
The demand for products is easing, which means less profit for the manufacturer. Instead of passing on the lower price to customers, they are just cutting supply.
Memory and SSD prices have been plummeting in the US, and I've seen record low prices in other parts of the world too. Not sure where you've been looking, but price drops have definitely been happening. Dramatic ones, at that. We're seeing 2TB NVMe drives for close to $100, with one brand selling such a drive for $80. The 1TB Solidigm P41 Plus is just $60 here. These prices were unimaginable just a year ago.
It's getting so cheap that I decided to put nvme drives in the Christmas stockings this year - 2 TB each. Prices range from $135 - $200 based on pcie 3 or 4 and TLC vs QLC flash - all from micron ... Buy American!