My Thoughts on Growing Inflation Rate

_{picture made on canvas}

"The world will change, the world will change, things will het better," we have been dreaming of that day to come, because from my childhood till now i have never seen any changes, instead it getting worser everyday. We are family of 7 and 1 cup of garri was sold before at N25 naira, we get 16 cup of garri at N300 naira where we eat satisfied, even keep the remain.

What happened today, that day cup, the same value, the quality and quality is sold at 300 for 1 cup. Now tell me, how much are we buying to satisfied a family of 7? can you see how worser it is everyday. what causes all this, it nothing else but inflation.

Highlights on inflation

Inflation is when price increases to certain level, while the product quality na s value haven't changed. For example, a bread was sold at the rate of 500, I means big bread as big as @kidi40, within 2 week, you went to buy that same bread and you realised that the prices of the bread has increased from 500 to 1500, still the same, the same value. Last week I bought 1 piece of Malta Guinness can at 500 in the morning, later in the evening i went to buy it again and its was sold at 750 per one, the same day.

N500 in the morning	N750 in the evening

Let talk about inflation in Nigeria my country I know they are trying so fast reduced the inflation because with their recent development, they have able to bring down the exchange rate of dollar to naira.

♦️When there's excess money in supply, it can actually lead to inflation because people will use it to chase the same number of goods and services.

♦️High cost of production, this one means when cost of raw materials and labor use in producing a particular product is high, it's will definitely make the price of that product to increase.
_{There's more demand for this cascade water which makes the price move from 1900 to 2500}

♦️There's also what we called demand-pull inflation whereby there's too much demand for goods and services which can actually makes the prices of Goods to rise.

♦️Also another thing that can cause inflation is when when the cost of labor, materials, or energy used in production increases. For example in Nigeria, when the price of fuel increases, the price of transportation will also increase.

"Even the new born pikin know say things hard" said by people in my country. This inflation touches every single individual, classes and profession. Like the question, Inflation affects the following set of people:

• small income earner, this are people that earn small of on income monthly and they have fewer resources. So it will be hard to them to survive when the prices of goods and food products increase.
  _{income of N2000}

• People who have retired because they reply on fixed incomes like pensions. Imagine your pension is 20,0000 while the cost of good and other amenities has jumped higher than the saving. it will surely affect because they have to cut back on expenses or draw down their savings to keep up.

• People who are working for salary, it will surely affect them because if there's high inflation they will find it difficult survive. For example, you're paid N15,000 monthly, and your often purchase 5 bags of pure water which is 1500 every week, 300 per bag. If there's inflation, the price of the pure water might go up to to 500 per bag making it 3000. Now calculate 3000 times 4 week, a whole 12,000 only for the purchase of pure water.

✅My own part of controlling inflation is by spending wisely, sticking to my budget and being mindful of my spending.
_{spending wisely}

✅I should also avoid borrowing or going into on debt especially with high interest rates.

✅Investing in assets that is vulnerable to during periods of high inflation like stocks or real estate.

✅As a citizen, I should hold our government the accountability about their policies and actions towards inflation because it will help hold them accountable for managing inflation effectively.

In conclusion, inflation is when there's increased in price of goods, and it can be cause by high demand of a particular goods and high cost in production. As a citizen we can help in controlling inflation by spending wisely and avoid debt with high interest. Thank you all for for reading.

I'm inviting @boosj23, @saintkelvin17, @missyleo and @ogechukwu-martha.

Cc;
@hive-109435
@wilmer1988