The Latest Trends In My Locality: Inflation

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Introduction

I welcome all my fellow steemians to my
blog, trust you are all bubbling healthily and also succeeding in all your endeavours.
I'm pleased to be part of this contest. A very big thank you to the amazing team most especially to my amazing woman @goodybest for coming up with the topic.

Trending issue in my locality is the problem of inflation. Inflation is an economic problem where the price of goods and services keep rising up on a daily basis without control. Almost a decade now in my country Nigeria, inflation has been trending, since the changing of governance and political leadership from the previous government to the current one,the citizens have continuously suffered hunger and hardship due to the petroleum subsidy removal orchestrated by the present government on the first day of its inaugural ceremony thus making economists and policymakers to grapple with finding a suitable economic model that can cushion the effects.But as the days, months and years are going by, the problem keeps on biting harder such that 1USD now equals ₦1850.This invariably affect all commodities prices as a bag of garri costs ₦50000, a bag of rice ₦78000, tomatoe ₦5000 in a loco and others such as pepper,crayfish and fish. Beverages and other FMG (fast moving goods) skyrocket to the an extent that an average income earners cannot afford.

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Inflation in my locality ranges from different factor including high cost of production,changes in governmental policies, instability and hike in exchange rates.
The primary concern about this protracted inflation is Nigeria and other localities is the negative impact on the purchasing power of the citizens. This is becoming worse as the dominant population is either unemployed, underemployed or low income earners.
When the price of goods and services rise faster than the earnings, consumers face difficulty to afford the basic needs which lead to a decline in the actual income.This can eventually have a negative impact on the consumer's spending power which is one of the drivers of the growth of the economy.

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Another terrible effect is the problem of hoarding where some people as a result of uncertainty rush to buy the available products at any given price,hoard them and resell at a very high cost in such a way that if you sleep,wake and open your eyes price of commodities have added above 200% on a daily basis.

Rise in inflation in my locality causes everyone to lament in one way or the other. Small business grapple to absorb the shock and higher cost of production.This erodes profit margins making it more harder for businesses to maintain balance with other competitors.Larger scale families are wailing as they are unable to afford a three square meal for the household as consumable products keep on upsurging as the day is breaking.

At every corner both men and women are continuously complaining of the incessant rise in the cost of living, everywhere including the social media are decrying the rising case of inflation to the extent that in penultimate weeks,the Nigerian Labour Congress engaged in a three days warning strike for hunger and hardship.A million March protest to attract government intervention to alleviate the problem but the effort seems not produce any positive as the government is becoming adamant and indifferent to the people's by deliberate giving an executive order to sanction and ultimately ban Binance operation in Nigeria citing the later to be the index cause of their
economic woes.

In view of this economic uncertainties be-deviling my nation and locality,I suggest if certain measures are taken into consideration, the situation might reduce to the barest minimum.

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Economic recovery working committees to identify the causative factors, looking for options to address the problems and identify potential risks by striking a balance between economic economy revamping and growth while keeping inflation at checks to maintain a stability in the price of products and services.

Additionally, careful monitoring and management of the economy of scale by the market forces and the policy makers.By creating awareness to businesses and consumers about inflation and it's potential implications,thus preparing them with an informed decisions to scale through changing economic situations.

Furthermore, government should map out policies and interventions providing parliatives to cushion the harsh effect of inflation,diversify into agricultural production to boost food security and the appeal to buy locally produced food and products to beat the high demand on foreign exchange for importation of foreign products.

Conclusion

Ultimately, the trending inflation in my locality is a challenging one that requires careful attention and monitoring, management of the potential risks and the government to take the bull by the horns by drastically addressing the issue of inflation, ensuring that focus is shifted to agriculture for boosting of locally made consumable products to reduce the high demand on foreign exchange by the importers.
And to encourage farmers by giving them incentives and subsidising certain agricultural inputs to enhance food security,creating awareness for proper understanding of inflation and how it can implicate everyone for them to make an informed decisions to mitigate such risks.

I invite @okere-blessing, @eveetim, @scilwa to take part in this contest