By Joshua Tosin Ogunsakin 
A senior economist, Dr Paul Alaje, has disclosed why there is a significant drop in price of food commodities in the market across Nigeria.
Alaje, who made the revelation on Tuesday while responding to questions in an interview on Arise Television, attributed the reduction in food prices to harvest season.
“There is a reduction in food prices because we are in harvest season. Food prices are still generally high, even though we have seen some reduction in some prices.
“Even the National Bureau of Statistics, NBS, said that food prices increased only by 29%.
“So when you see the inflation number, it shows the percentage of increase when you compare it to last year. It does not mean that prices have reduced.
“It said prices increased by 20% of what it was this time last year. However NBS said that this increase is not as much as what we saw last year and the answers are very simple. Yes, we have seen stability in the exchange rate.
“However, we still have insecurity in the country which is affecting food distribution.
“A couple of days back, you saw what happened in Benue, Plateau, Edo and a few other places there have been concerns around,” he said.