IMAGE IS MINE
Economics was one of my best subjects during my high school days. It’s no surprise how I still remember the definition of some terms. Inflation for example is one of the terms I remember and can even recite like it’s my country’s national anthem. According to my high school teacher, “Inflation can be defined as the persistent increase in the general price of goods and services over a period of time. There are different types of inflation, and the only one that stuck to my head is “Galloping Inflation” which I like to call “disastrous inflation”. It is a type of inflation in which the general price of goods and services skyrockets to 10% (or more). Galloping inflation “destroys” the nation and everyone suffers- especially the working class.
So many countries around the world are battling inflation. African countries, especially Nigeria, have been suffering from this “deadly disease” for the past five years. Before I met some of my Ghanaian friends on this blockchain. I actually thought Nigeria’s case was different. Different as in worst. I had the idea that no other African country can be compared to ours when it comes to the general increase in the price of goods and services. Well, everything changed when I learned that Nigeria isn’t the only country suffering from Inflation. Other African countries like Ghana are also in this. There is no doubt that Nigeria is one of the top countries dealing with inflation. The irony in this? While others are trying so hard to tackle inflation, my country is making no move. The rate of Inflation in Nigeria has skyrocketed to more than 70% since 2016.
It is really surprising how people are suffering due to inflation and the government is doing nothing about it. How do you expect people below the working class and even the working class, to survive? Even before the spike in inflation in Nigeria, some people struggled to put food on their tables. How do you expect such people to survive during the period of inflation?
The rise in the price of goods and services is outrageous. Okay, let’s use eggs as an example. I remember how I used to spend just #100 on noodles and egg. Back when I was in primary school, I’d save my “pocket money” till the end of school . The plan was to use it on noodles and egg. The price of 1 egg at that time was #30 and the price of noodles was #50. At the end of the day, I’ll be left with #20 change. Now, that same #100 that used to get me 1 egg and 1 noodles can only buy just 1 egg. Yes! An egg costs #100 now. The question is; did the chicken that laid the eggs graduate from Harvard?
Food stuff is not the only thing experiencing inflation now. Literally everything is! Clothes, shoes, bags, materials…everything. One of the painful parts is that it prevents people from enjoying it. I know this is not the biggest effect of inflation on the country, but this also counts. I enjoy eating plantain. Fried, roasted, boiled plantain… I enjoy them all. A few years ago, I used to buy it everytime, but now, It is so expensive that I can’t buy it everytime. Who are the people suffering from the dangers of inflation? Debtors, creditors, business people, even the government… everyone!
HOW AM I COPING WITH THE RISING COST OF LIVING?
High cost of living is also one of the effects of Inflation. The cost of rent in most places is outrageous? How do I deal with this? Well, I try to manage. Cut your coat according to your size. Opportunity cost and scale of preference is also one of the things that help me.
In recent times, bulk buying has also proven to be quite helpful. Avoiding the middle men- retailers, is also another way to battle inflation.
Thanks for reading.