How to reduce the price of goods

[Chilwell]

Most likely this single food distributor offers a high percentage of profits to the government that other distributors have no chance to enter the market. However, in my own point of view, there’s nothing you can do about the costly prices of goods but you can actually save if you really want to. Grow your own garden on vegetables and fruits so that when they start bearing, you will never buy again those expensive foods sold in the market.

This idea of yours to start a garden on vegetables and fruits is actually a good one, but know not everybody have backyard to plant all this things and again even though, the security challenges that is people disturbance coming to plug it without your notice. I don't really know the problem of Nigeria now because they are not doing monopoly again, there are many producers of food items which I believe will reduce the price of food but still the price are always pushing up. This day I noticed the price of diesel increase day by day with the additional of ₦10, this happen almost four consecutive days starting ₦950 and now ₦990. I think all this is from the government.

[tjtonmoy]

Demand and supply. That decides the price for everything. Low supply and high demand lead to high prices. While high supply and low demand lead to low prices. But for this to happen, we need competition in the market. If a single entity is controlling the whole supply, it can easily manipulate the market. Thus showing a low supply and increasing the price. As long as this exists, a single person or people in your country can't do anything about it. You guys can stop using those goods and not buy them. That will create an overflow of goods in the market. That could lead to low prices but if those goods are necessary, you can't do anything in that matter.

The best way to deal with this situation is to produce food products on your own if possible and cut costs by doing it so that you can buy other goods with that saved money. If all the people do not come together to go against it, nothing can be done. And that part is very difficult.

[Texac]

The best way to deal with this situation is to produce food products on your own if possible and cut costs by doing it so that you can buy other goods with that saved money. If all the people do not come together to go against it, nothing can be done. And that part is very difficult.

All countries in the world are closely interconnected and everything has its reasons.  there are countries that can produce this but cannot produce that and the relationship between them is to exchange goods with each other.  for a country that does not specialize in agriculture, food production is extremely difficult and if they could produce everything themselves, the world would never need connections between countries together.

Not to mention, every manufacturing industry needs energy and if your country cannot import cheap energy, how can it produce enough cheap goods to supply the people?  it's easy to say, but it's not easy to practice.

[eightdots]

The best way to deal with this situation is to produce food products on your own if possible and cut costs by doing it so that you can buy other goods with that saved money. If all the people do not come together to go against it, nothing can be done. And that part is very difficult.

All countries in the world are closely interconnected and everything has its reasons.  there are countries that can produce this but cannot produce that and the relationship between them is to exchange goods with each other.  for a country that does not specialize in agriculture, food production is extremely difficult and if they could produce everything themselves, the world would never need connections between countries together.

Not to mention, every manufacturing industry needs energy and if your country cannot import cheap energy, how can it produce enough cheap goods to supply the people?  it's easy to say, but it's not easy to practice.

Every country wants to produce its own goods, but this is not possible. Every good has its varieties that are produced cheaply and distributed to other countries. Production habits that have not changed for years are also effective in this. These habits have also been determined by various agreements between countries.

It would be possible if the prices of goods were to be reduced and efforts were made to achieve this, but many countries buy goods that they do not produce from other countries and sell them to their own citizens at a higher price. For this to change, managers must change.

[zaim7413]

A fair government will continue to monitor food price movements in the market, the government can also act as a distributor by appointing a food department under the auspices of the Minister of Agriculture to maintain stable food prices in the market. A single distributor has complete control over pricing. When the market is monopolized by one party, it will be increasingly difficult for people to find goods at cheap prices.
The government must prevent monopoly, the fate of society must be taken into account by maintaining the stability of purchasing prices in the market. Business competition will provide a beautiful atmosphere between sellers and buyers and the public will feel that their aspirations are accommodated by the government.

[safar1980]

A fair government will continue to monitor food price movements in the market, the government can also act as a distributor by appointing a food department under the auspices of the Minister of Agriculture to maintain stable food prices in the market. A single distributor has complete control over pricing. When the market is monopolized by one party, it will be increasingly difficult for people to find goods at cheap prices.
The government must prevent monopoly, the fate of society must be taken into account by maintaining the stability of purchasing prices in the market. Business competition will provide a beautiful atmosphere between sellers and buyers and the public will feel that their aspirations are accommodated by the government.

If a country does not produce certain food products, then the government cannot control their prices.
If the government places restrictions on the quantity of goods purchased, this will only provoke a wave of fraud so that sellers can sell in-demand goods at a higher price.

[macson]

I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.

monopoly is a dirty business strategy carried out by several parties to control the price of a need, there is also a scenario carried out by big players to monopolize food, that is by making fertilizer prices high, then the price of food that comes from first hand will automatically be high, then they try to make deliveries late, this is also usually the strategy they will use to make food prices soar because when there is a delay in delivery then demand will increase, well when demand increases then prices will automatically increase, usually dirty methods like this involves several corrupt elements from the government, so it requires strong action and also pressure from citizens to make the government provide their best policies for basic needs such as food.

[erep]

monopoly is a dirty business strategy carried out by several parties to control the price of a need, there is also a scenario carried out by big players to monopolize food, that is by making fertilizer prices high, then the price of food that comes from first hand will automatically be high, then they try to make deliveries late, this is also usually the strategy they will use to make food prices soar because when there is a delay in delivery then demand will increase, well when demand increases then prices will automatically increase, usually dirty methods like this involves several corrupt elements from the government, so it requires strong action and also pressure from citizens to make the government provide their best policies for basic needs such as food.

I believe that the market monopoly is controlled by the mafia because they have the power of government officials. If the government is pro for the people then they can eradicate the mafia which is detrimental to society, but some government elements are like the mafia who hoard fertilizer when the need for fertilizer increases, but when farmers harvest, the mafia can influencing sabotage of market prices for the purpose of purchasing cheap food supplies from farmers.

The government should eradicate mafia practices that are detrimental to society, but because the mafia is also government officials, no community dares to interfere with their activities. Even the minister's statement said that many mafias have controlled the prices of goods but they do not have the power to follow up because they also work under their authority.

[YUriy1991]

I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.

What needs to be improved is the legal framework that regulates this area and the government should sit down and discuss points that benefit the people, not create legal language and/or slashes that provide opportunities for those with interests.

We often hear words from stakeholders "we made this all for the people" and they always carry the name of the people, but the implication is just mere talk and this happens in almost all places where legal products are not well controlled.

[Texac]

The best way to deal with this situation is to produce food products on your own if possible and cut costs by doing it so that you can buy other goods with that saved money. If all the people do not come together to go against it, nothing can be done. And that part is very difficult.

All countries in the world are closely interconnected and everything has its reasons.  there are countries that can produce this but cannot produce that and the relationship between them is to exchange goods with each other.  for a country that does not specialize in agriculture, food production is extremely difficult and if they could produce everything themselves, the world would never need connections between countries together.

Not to mention, every manufacturing industry needs energy and if your country cannot import cheap energy, how can it produce enough cheap goods to supply the people?  it's easy to say, but it's not easy to practice.

Every country wants to produce its own goods, but this is not possible. Every good has its varieties that are produced cheaply and distributed to other countries. Production habits that have not changed for years are also effective in this. These habits have also been determined by various agreements between countries.

It would be possible if the prices of goods were to be reduced and efforts were made to achieve this, but many countries buy goods that they do not produce from other countries and sell them to their own citizens at a higher price. For this to change, managers must change.

It's really not easy to change a paradigm that has existed for thousands of years, and like I said, it's easy to say it, but to change anything we need to be realistic and not just talk about it, then it will be easy can solve.  if countries were self-sufficient in all goods, there would be no alliances and the world would never have a crisis or inflation like what is happening now.

Russia and OPEC own black gold, China owns rare earths and the US is the birthplace of thousands of new technologies...each country has its own strengths and to survive, they must rely on each other.

[armanda90]

Demand and supply. That decides the price for everything. Low supply and high demand lead to high prices. While high supply and low demand lead to low prices. But for this to happen, we need competition in the market. If a single entity is controlling the whole supply, it can easily manipulate the market. Thus showing a low supply and increasing the price. As long as this exists, a single person or people in your country can't do anything about it. You guys can stop using those goods and not buy them. That will create an overflow of goods in the market. That could lead to low prices but if those goods are necessary, you can't do anything in that matter.

The best way to deal with this situation is to produce food products on your own if possible and cut costs by doing it so that you can buy other goods with that saved money. If all the people do not come together to go against it, nothing can be done. And that part is very difficult.

Demand and supply controlling well by politician and they are trying how to get much profitable to increasing price of goods, its happening in my country where price or rice up drastically and the politician have good opportunity for opening import rice from other country. They will get much profitable and fees commission actually many their company are working with import and export of rice and other daily needs. Not easy how to stop with some people want to make manipulate or market because they have full power and controlling all price in the market and we are citizen only acceptable with their regulation.

Best ideas is make by self our production, in my region we have large farm and not necessary for buying rice every day but we got difficult with fertilizer have lower prices.

[Ucy]

High cost of things in certain places is inevitable. The goal should be to be blessed with the wisdom to get what you need cheaply or at a very reduced price. You need to know where and how to get them. I think people who are too attached to high and attractive things will find it hard to get good quality things cheaply or at reduced prices.

[franky1]

I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.

the major factor is this
instead of local farmer making his own produce with just his costs to get it to the local store included.. many farms have been taken over by big-agri where they have foremen, supervisors, managers, admin at their international hubs. they also price the goods not at the local price but they include costs of transport internationally and create an average price for international cost. and then make locals pay the international cost.

we see it here in the UK with fuel costs. the UK self produces its own gas and electric. but it has to pay the international market rate
yep UK gas and electric didnt see large demand increase. nor actual cost from source increase. but due to international economics of inflation and ukraine fears the market decided to double/triple all prices meaning many suppliers made huge profits

although in previous decades mass production of multi-nation companies offered discount compared to bespoke small production locally..(efficiency=cost saving) but now that has flipped where the international market pricing has been inflated not due to production costs but due to economic fears, of number speculation due to inflation and policy.

to reduce costs things need to get back to local markets and have competition to make the large multinational companies have to lower their prices or have their produce not bought.. basically de-monopolise the market

[kojektea]

Usually this is because there are so many companies that produce and sell goods that the price continues to fall because this is a matter of their business competitors. they always compete with cheaper prices to buy. but sometimes it actually destroys the actual market price sooner or later. Unfortunately, there is still no solution for how they can overcome their business competitors. if they sell too expensively the goods will not sell, on the other hand it causes the value of the goods to fall.

[n0ne]

Most of the countries have got local production, but the demand can't be met by those small scale manufacturing companies. This leads to the dependence over the multinational companies supply of food and other things. If the demand gets fulfilled by the local production a huge amount can be saved from transportation and other charges. Another thing is the corporate network's being the monopoly. This is common around the world, the corporate network doesn't allow farmers and local production to sell it. The corporate fix a price and buy it from the local production and further fix the profit with added profit. This burden common people with double the spending than buying from local production.

[FanEagle]

Certain things are easier to reduce, but you can't make it all for everything. Like even if we talk about something as simple as vegetables, one nation can't have ALL vegetables for cheap, your climate and soil quality matters and even though you could have some of them for cheaper if you work harder and smarter, no matter what you do some of them will stay expensive because it is not your nations product.

Like for example in my nation it is nearly impossible to raise mangos, that is not really a bad thing, I can't care any less about that, not like I need mango in my life, BUT it is still a thing, so you can't make it cheaper here. You have to consider what is possible and only focus on those things to make them cheaper.

[tygeade]

I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.

Maybe it is not about reducing the price of goods but more about increasing the purchasing power globally? Look at Switzerland, they are one of the most expensive nations in the world, but they are earning as much as the yare spending, sure there must be some poor people there too, but they are making insane amount of salary compared to rest of the world, which means that even a minimum wage worker there, even someone who other nations "deem" bad and low income stuff, can buy whatever they want globally.

Look at Norway, look at Japan, all these nations make a lot of money even though their expenses could be huge, that means it is not about reducing the price of goods, let them be expensive if you have to, but make people richer.

[ChuckBuck]

Although supply and demand are the two factors that ultimately influence the standing of the price of goods in each area/country, there is another big factor that we should always be on the lookout and that is individuals who have the money and influence to manipulate the market. Market manipulation happens all the time and everywhere (in fact there is a more thorough discussion about this in a different post if you want more insights about it:https://bitcointalk.org/index.php?topic=5465009.0). Additionally, market manipulation can be done by different individuals or organizations such as big companies, wealthy and influential business individuals, and the government. Naturally, the main reason why they do so is due to the benefits market manipulation gives to them such as a rise in profit and sales. As to how we will be able to reduce the price of goods, the answer might lie on the government as they have a good hold on market manipulation.

Supply and demand? They play a big influence, but what about the hidden affluent and powerful market manipulators? It must be considered. Major corporations, affluent individuals, and governments are involved. They continually and everywhere distort the market for personal gain. They care little about the common guy and focus on money and sales.

How to lower product prices? Here, government engagement is crucial. But can we trust them fully? Despite their control, they often have different objectives and agendas than the public. The situation won't change immediately. Keeping up with industry trends, plans, and updates is vital. It requires exposing and rejecting exploitation and working toward openness and justice. Though long, the path ahead is right. 

[Spaceman1000$]

I have been thinking and trying to analyze what is really causing the high cost of food in Nigeria, I came to realize that monopoly is the major factors, Nigeria government are the enablers. How can one person be the sole major distributor, government should welcome competition in the business sector, every business person should be allowed to produce.

Monopoly kills competition especially if it's been sponsored by the government.
In the general market, there is supposed to be competition among marketers, not by making one person incharge of the a particular supply chain. It Then means that the person can fix a certain price on a particular product and the price regulatory body won't do anything about it, Although before it gets to that stage, just know that the government has their hands fully in it. For example, a particular company is given the licence to be the  sole producer of cement in a country, it then means for every building that is erected in that country, the cement company has a hand in it.  This kind of situation kills the spirit of competition and it's never healthy for an economy.

[tjtonmoy]

Not to mention, every manufacturing industry needs energy and if your country cannot import cheap energy, how can it produce enough cheap goods to supply the people?  it's easy to say, but it's not easy to practice.

I am not talking about mass production or a whole country doing it. I am talking about individual people growing their own food items. This may seem a very little change that you can make, but when you look at it from a different perspective things start to change. Imagine 70-80% of people in a country growing their own food. They won't have to buy costly food from the market. And where the price is already manipulated, doing this will save a lot of money. All you need to buy then is those items or goods that you can't make on your own.
Individual changes come together in order to create a revolution. That's what history tells us. Fix your own economy and if others around you do the same, it could make a huge difference. If you fix your own economy, that will fix your country's economy. If this happens worldwide then the world economy will be fixed.