My Thoughts on Growing Inflation Rate

jozzie90 (63)Nigeria | Club5050in Steem4Bloggers • 2 months ago (edited)

^{picture of me in the market}

Hello good morning everyone, I believe we all had a peaceful night rest. Waking up strong to embark on achieving our different goals and target, I'm glad I did same. It's a pleasure being here and I'm going to use this opportunity to participate on an interesting contest topic I came a cross, it's titled ➡️ My Thoughts on Growing Inflation Rate organized and published by @steemdoctor1 using the community official account.

The inflation rate in my country and the world at large is something one shouldn't ask, because it's badly affecting the economy. The high cost of living has and bad economy has bring down a lot of individuals establishment, people are crying everyday.

It's no more a new situation to us as many salary earners spend double their salary, lead to high volume of debt. The poor are dieing everyday because the lack what it takes to maintain their living as everything becomes tough in price. Could this be prophecy that was written thousand years ago in the bible that is manifesting ( Matthew 24:7,8.)?, I strong believe it is.

Before I continue with the topics attached, I'll love to invite my friends @bossj23 @ngoenyi and @goodybest to participate in this wonderful contest. I'll looking forward to reading your entry.

According to you, what are the major reasons behind the growing Inflation rate, specifically in your country?

There are of fact that contributed to inflation in my country Nigeria if I may say, which currency depreciations is one of the main problem at hand the Nigerian Naira has badly weakened against other currencies whoch makes importations and all other aspect even more expensive.

Taking of fuel prices. The Increases in the price of fuel has lead to high transportation costs, which has added a big effect on other prices. As of recent fuel price in my country was what causes crisis to workers, student and business owners.

It's a pity to all Nigerians that the price of fuel which we enjoyed buying at cheaper rate of N145 some years ago has rised to N1200 currently in black market, N900 in filling station.

Making the whole situation worst, most fuel station was locked due to fuel scarcity in my country. It was a very tough situation that work, marketer and student couldn't find transit to reach their destinations as tricycle riders couldn't find petrol to fill their vehicles, some that bought at higher rate will charge big amount in other to cover up it purchase and gain.

I myself was badly affected, as I trekked from my home to school for many days, all this proves fuel scarcity a big problem to my country.

Talking of food insecurity, is another important area to address as droughts, floods and other natural disasters has lead to scarcity in food production which has increased food prices. The last time went to market I experience unbelievable shock as discovered that a cup of Garri is N250. Not just Garri, other food stuff also get affected of the high prices.

I may also include political instability as one of the problem affecting us as civil unrest and insecurity in some parts of my country have affected economic activity, which in turn leads to high prices for all goods and even services.

Do you think that the increasing Inflation rates effect all the classes and fields of the life?

Indeed it has, the current inflation have affected all economic classes and fields of life. Considering working class, family and individuals with low income Lower income are struggle to afford basic necessities for themselves and family members example food, house and healthcare as a result of high prices.

The inflation in commodities here in Nigeria is nothing to compare, it hurts and make life so uncomfortable as most citizens try very hard to survive.

COMMODITIES	PRICE TEN YEARS BACK	CURRENT PRICE
Cement	N1,500 per bag	N13,000 per bag
Beans	N30 per cup	N260 per cup
Petrol	N85 per gallon	N900-N1200per litre
palm oil	N2,500 per gallon	N25,00 per gallon
Rice	N30 per cup	N350 per cup

The table above shows how worst the situation is getting bad.

Talking of middle class: families that are considered as middle income still find their purchasing power decreasing as their salaries and wages are not enough to settle their bills with this current inflation.

Taking of businesses, Inflation has already make it very expensive for businesses to manufacture and producce goods and services which affect them in reducing profits and lead to shutting down of some. So indeed this inflation is affecting all the classes and field in our life.

As a common citizen, how can we play our part to control the Inflation?

Though controlling inflation is the responsibility of government policy makers, there are still ways that citizens can help to reduce the effect, let's consider the view of mine below.

Saving our income: as it stands it is advisable to build up savings strategy so that we can cushion the effect of price increase. This will help maintain our purchasing power even if prices continue increasing.

"Reducing consumption*: it's advisable to consider reducing our spending on unnecessary and non essential commodities, example dining out or entertainment, applying this strategy will help slow the demand for goods and services.

In conclusion, though the current inflation is widely affecting all areas and field of our life. People struggles to survive, most find it very difficult to eat at least once in a day. Some may eat in the morning and nothing to eat again in the afternoon and evening, some may eat in the afternoon skipping morning and yet nothing to eat in the evening. Some do Skip morning and afternoon then eat in the evening, some do end up not eat some days.

Most of our need aren't there, neither talking of wants. All this because of the inflation that is affecting, though we can still learn some strategy to survive and atleast get ourselves 40% of necessity. Leaning to save, limiting our consumption and avoiding spending unnecessary is a good practice.

Thank you all for your time, love you all.