Sincerely, this inflation of something is affecting average people in the world, in fact consumer are not left out because consumers’ purchasing behaviour continuously changing as price of goods increased. Purchasing decisions are affected by change in prices goods , which means the higher the prices it transform individual expenditure pattern and undoubtedly that leading everyone to put more focus on necessities and find a way to survive.
Food, healthcare and education are now become what individual have to struggle to get. I believe those lives within Nigeria will understand better, how their fancy lifestyle changes totally with high cost of living. Anyone who is not earning higher wouldn't be able to send children to school with the way education sector also increase the tuition fees all because of the rise in the economy. All these are what we deal with everyday and it really affecting individual lifestyle while economic remain stagnant. However, the rise in economy has cause a ripple effect that reduces customer purchasing power and everyone has to find a way to survive under it.
Purchasing Power and Saving Behavior
In periods of high inflation, consumers’ purchasing power become low since prices of goods are always on the rise thereby making them expensive. This usually results to change in the consumption pattern and individual starts being extra cautious in terms of intake and prefers necessities rather than lavish items. It goes without saying our saving habit too is affected as people look for ways of safeguarding their money against price hikes as a consequence of inflation. For example, I switched to affordable clothes because this is not the time to go for cost item it was period of high inflation.
I will say this current inflation will continue caused a decline in people’s expectations for no one knows what will happen in the future. Additionally, this is one of the reasons why individual no longer need to trust anything call price because anything can change suddenly without warning. Someone like me may purchase faster sooner in an effort to avoid paying for high inflation rates later which I assume inflation is not a short-term phenomenon.