Inflation: The Increase In prices of commodities

in LeoFinance2 months ago

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Inflation is eating the country deeply and the value of money is decreasing In Nigeria. I could not imagine the rate at which the price of goods and services is increasing on daily basis. Currently, the situation of things is worse due to a decrease in the supply of money and That's one factor that causes inflation. High inflation rates affect both the poor and the rich but the poor takes vast effects. The poor find it difficult to afford the prices of commodities in the market because they don't have enough money to buy the things they need.

The increase in the price of commodities even reduces the food ratio of some people. There are times when people have 1:1:1 meals, but nowadays, it's another story, the majority of people even find it hard to have 1:0:1 and some 0:0:1 meal ratio. Many people In Nigeria buy lesser quantities of consumables because of its high rate. I could not even imagine the citizens scuffling with the increase in the price of foods like cereals, yam, meat, bread, rice, fruits, fish, etc. This inflation spike has affected the living standard of normal citizens because it weakens their purchasing power and this can make people fall into poverty due to the rising food price.

Inflation has even made our currency lose its value. This will make me go back down memory lane. 15 years ago, I could remember those days I use to follow my mother to the market to buy foods stuff with some other needful things with a little sum of money, the items we buy barely contain our shopping bag, and we have no choice but to buy another extra bag but nowadays, it's another story, If the same amount of money is taken to the market today, it barely gets the half the bag, this is all the because the price of commodities in the market is times four(×4) the price it was before, and I could not see it lessening any moment from now but I'm always hoping for a better change in the country economy, to enhance a standard living.

The majority of people have been struggling with the challenge of price instability during inflation and it's hanging around double digits. One can not predict the price of things in the market nowadays, because it's always changing every day. Inflation does not affect the increase in food prices but other things we use at home are also affected. People complain every time they go to the market to get the same commodity at a higher price than they purchase formerly, this is a situation I have experienced and I'm always surprised and dumbfounded by the rate at which the prices of things are increasing daily.

How long will this last?

I have always wished for a change just like I said initially, I hope that thing will go back to normal, even if not the way it was before, but at least, a little change will make a big difference in the country's economy. The leaders have to look into the things causing inflation in other to reduce the cost of commodities and to create a good living for the citizen.

Thanks for stopping by, I will love to know if your country/society is affected with the same problem in the comment section.


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It's probably here in Nigeria to stay, no losing this one this time around.

@tipu Curate 4

Everything is just so alarming, I guess one of the problem is bad leadership... Hopefully we find a way to scale through in the long run.

I appreciate your contribution and your support, it's nice having you around ☺️