Rising Price in goods and services

[obuoma]

The rate at which things are becoming expressive is alarming, the rising of prices of goods and services like in Nigeria is affecting the livelihood of the people. Many Nigerians have travel out because of high rates in prices and low financial value.

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

Although inflation is global occurrence like they said but Nigerian inflation is as a result of bad government. But we can not get out of it if we dwell so much on blaming and complaints. This is the time to restrategies  as a country because Nigeria is too blessed to dwell  so long on inflation. Is time for the government to review their policies and allow people with divine wisdom to help. Is time to stop politicising everything. Is time for our leader to be sincere to Nigerian if we really want to come out of inflation.                                                                                                                  
  Moreover, as a Nigerian this is the time to engage or learn different thing especially something that will make you to earn in foreign currency because depending on Naira earned income may not be enough at this time of inflation.

[Fiatless]

There is nothing the government can do except creating a job opportunities to the citizen to battle against the economy of a country where they can decide to be able to purchase and manage themselves out of any situations.

Nigerian especially are good at adapting to any economic outbreak that occurs, and they quickly get used to increase in price of goods and services. They only need to get a stable income to overcome this inflation of a thing.

Creating jobs is a good means of helping citizens not to suffer the effect of inflation. But it is not enough to create jobs because inflation reduces the citizen's purchasing power. The government will have to implement some fiscal and monetary policies to curb inflation.

Nigerians don't usually overreact to the increase of prices of goods and services because they know that the government is not democratic. They can be intimidated, arrested or even killed for opposing the government.

[RockBell]

I think inflation is a normal thing that almost every country experience inflation due to some event or crisis but their are some of level of inflation in some countries,t has gotten to this high level because the government are not ready to do something about the economy to get it better. The reason why the economy is this bad is because the primary assignment of the government is to fulfil their own personal interests.

Inflation is actually normal and every country is suffering from it and the people that are affected the more is the average people because they don't even have enough to go around and the price are always on a high speed and not everything can be affordable again so everyone one is getting use to and going for alternative and the government actually needs to intervene when it is getting out of hand and they need to subsidize most of this things so that they will be able to regulate the prices.

No doubt for sure inflation will always be there , but If it is a level of inflation that is so high and affect every citizens, that's to tell the government allows it to be in this high level.

And it will come and go but the moment the government gets serious this is something that they can actually control and everyone will be relieved of so many expenses and that is why depending on the government is a risk because they will always fail you.

[Egii Nna]

Inflation is almost all over the globe, and things have been skyrocketing in price for a couple of years ago, and the painful part is that people that had medium incomes 5 years ago are now poor due to their income not rising, but the products they are purchasing are on the rise daily. This always affects those that are receiving salaries.

I know in everything you will explain based on your knowledge, and mostly I just know about Nigeria, how this inflation has affected most salary earners, in which they even find it hard to feed on a daily basis. They will have to be in lots of debt that I know they won't be able to pay all those debts back before they die, and they are still having daily needs.

Just take an instance of an average Nigerian salary earner; presently their salary should be around 120,000 Naira monthly, which is approximately $78 at the current rate. Please, how did you expect such a person to feed his family of 5 in a month, and they will have other needs like health care, clothing, shelter, and school fees? Which of it was in some couple of years ago he collected that amount will find it easy to take care of all this, but now it is very hard for such a person to even provide for his family to feed 3 times a day. Seriously, the inflation in Nigeria is very alarming and needs to be taken care of.

[Zoomic]

Inflation is everywhere and not just in African countries. What makes the impact of inflation different from countries to countries is the kind of economic policies they make and the level of corruption too. The reason some countries are suffering more is as a result of poor economic policies obviously influenced by corruption in these countries. Do not expect inflation to go down any time soon and if you live in a country where the impact of inflation is so severe, then you should be smart to invest more in assets that hedge against inflation because fiat at these point will be totally unreliable to preserve value. Boost your income if you have to because higher cost of living will require more income to support it. I believe in helping yourself make your life better because no one, not even the government would do it for you.

[tabas]

The rate at which things are becoming expressive is alarming, the rising of prices of goods and services like in Nigeria is affecting the livelihood of the people. Many Nigerians have travel out because of high rates in prices and low financial value.

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

It is a global issue that even the first world countries are experiencing. The high cost of living in those countries is even becoming higher but there is not that much change in their salaries. With that, they're also not able to skip the hit of inflation. It is a reflection of something wrong is going on with the government but even with good governance, they cannot skip that. Because inflation whether good or bad economy, it remains but the for the good ones, they are able to slow it down.

[Lida93]

The rate at which things are becoming expressive is alarming, the rising of prices of goods and services like in Nigeria is affecting the livelihood of the people. Many Nigerians have travel out because of high rates in prices and low financial value.

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

Every country is battling with the rising inflation not just exclusive to Nigeria alone. But in the case of Nigeria seeming worse in outlook compared to other countries is as a result of bad policies with corrupt managers of the economy.

 In between 2010 to part of 2015 Nigeria had one of the best performing economy in the world rankings of countries economies until when the masters of corruption took over government through the influence and support of some foreign powers who perhaps weren't happy to see how good the Nigerian economic was becoming competitive.  Today it's now one of the worst in world. Lol.

source : https://tradingeconomics.com/nigeria/inflation-cpi
Year   Inflation Rate (%)
2020     13.25
2021     16.95
2022     18.85
2023     24.66
2024     34.80

This data is a clear reflection of the impact of the COVID-19 pandemic, an impact that many countries are yet to rediscover their economy from into a stability and growth after about 5 years now. The inflation rate continues to  add up  in each year.

[Israelgogo]

It could be due to bad governance, but you can already see the numbers growing; it's just getting worse every year, especially last year.

If we look at the five years of data, you can see that this country is really in big trouble due to its increasing inflation rate every year.

source : https://tradingeconomics.com/nigeria/inflation-cpi
Year   Inflation Rate (%)
2020     13.25
2021     16.95
2022     18.85
2023     24.66
2024     34.80

With this statistics it means that things hardly drop in prices once the price of goods and services went up. Every year things keep increasing but the lest privilege suffer the most, look at 2024 Alone inflation rate 34.80 and our government are not bother about the poor masses rather they're after their stomachs and fame flirt.

The rate at which things are becoming expressive is alarming, the rising of prices of goods and services like in Nigeria is affecting the livelihood of the people. Many Nigerians have travel out because of high rates in prices and low financial value.

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

Although inflation is global occurrence like they said but Nigerian inflation is as a result of bad government. But we can not get out of it if we dwell so much on blaming and complaints. This is the time to restrategies  as a country because Nigeria is too blessed to dwell  so long on inflation. Is time for the government to review their policies and allow people with divine wisdom to help. Is time to stop politicising everything. Is time for our leader to be sincere to Nigerian if we really want to come out of inflation.                                                                                                                   
  Moreover, as a Nigerian this is the time to engage or learn different thing especially something that will make you to earn in foreign currency because depending on Naira earned income may not be enough at this time of inflation.

Is it that our Nigeria government don't learn leadership process or good governance from other countries or they just choose to be wicked to make the cost of living difficult for its citizens!!!! Is really sad that no country is saying anything concerning Nigeria situation.

[moderator's note: consecutive posts merged]

[Tigerheart3026]

The rate at which things are becoming expressive is alarming, the rising of prices of goods and services like in Nigeria is affecting the livelihood of the people. Many Nigerians have travel out because of high rates in prices and low financial value.

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

In Indonesia, something similar is also happening, the prices of all goods continue to rise while the income that people earn is not sufficient for their daily needs, with the inflation rate continuing to rise so high that it is not sufficient for their daily needs, the current economic setback is very unfortunate for people with middle to lower incomes because state officials must think about the same thing and look for solutions to overcome the increase in prices of goods and services in our country so that our people are destitute for their daily needs.

inflation is rapidly increasing in my country; we are talking about african countries and indonesia but other many big countries are facing inflation problem,
it's kind of dangerous diseases now because millions of people's are affected because their income is not sufficient to buy essentials goods.

[shinratensei_]

The rate at which things are becoming expressive is alarming, the rising of prices of goods and services like in Nigeria is affecting the livelihood of the people. Many Nigerians have travel out because of high rates in prices and low financial value.

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

definitely global phenomenon, try to search up keyword "housing crisis" in various language using VPN you'd find out almost every country in this world has this problem.
don't know what's the cause, maybe it's because urbanization that causes demand to sky rocket but it happens around the world.

I also just watched documentary about housing and job crisis in hongkong like basically fresh graduate are working side hustle and part time job because they can't find full time job that pays them well.
everybody is struggling right now. but I think there's still occasional opportunity here and there, just need to be more focused.

[Lamkuthang]

Not only in Africa, many other countries are also affected by the impact of the increase in the price of goods and services, including my country, but the level of severity may be high in Africa. Daily regulatory changes that must be rationalized are enough to disturb market players and this also has an impact on the disruption of the supply chain from the monetary policy that was released. I am worried that this condition will get worse at the end of 2026 due to defaulted debt, especially having a lot of debt.

[bangjoe]

The rate at which things are becoming expressive is alarming, the rising of prices of goods and services like in Nigeria is affecting the livelihood of the people. Many Nigerians have travel out because of high rates in prices and low financial value.

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

Since Covid, most governments have printed a lot of money to deal with Covid and created a huge money supply in society, both in parts of the country, but on average, inflation is what makes all this happen and it makes prices expensive for both products and services, in essence, after Covid, the increase in services and products has increased drastically or in quotation marks excessively or abnormally, maybe if only in 1 year 1% -3% is very healthy but if inflation is more than 5% it is not healthy, especially if in one year the economic turnover in society is not healthy, which means it is more dominant to fall from the inflation printed after Covid is over.

[GxSTxV]

The rate at which things are becoming expressive is alarming, the rising of prices of goods and services like in Nigeria is affecting the livelihood of the people. Many Nigerians have travel out because of high rates in prices and low financial value.

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

Not just in Nigeria or specific countries, it's a global phenomenon even though the severity and causes may vary with each region. Inflation, rising prices of goods and services reached and impacted many countries worldwide especially in the aftermath of the pandemic 2019, ongoing geopolitical tensions and supply chain disruptions.

However, in countries like Nigeria or in Africa like my country in general the situation is often worsened by deep issues such as poor governance the amount of corruption, and over reliance on imports despite having abundant natural resources.
While in contrast, developed regions are dealing with that differently, since they can also face inflation and economic strains but typically we all know they have stronger safety nets and governance structures to cushion the effects, or in a simple meaning their governments care more about their citizens.

[cabron]

The rate at which things are becoming expressive is alarming, the rising of prices of goods and services like in Nigeria is affecting the livelihood of the people. Many Nigerians have travel out because of high rates in prices and low financial value.

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

Not just in Nigeria or specific countries, it's a global phenomenon even though the severity and causes may vary with each region. Inflation, rising prices of goods and services reached and impacted many countries worldwide especially in the aftermath of the pandemic 2019, ongoing geopolitical tensions and supply chain disruptions.

However, in countries like Nigeria or in Africa like my country in general the situation is often worsened by deep issues such as poor governance the amount of corruption, and over reliance on imports despite having abundant natural resources.
While in contrast, developed regions are dealing with that differently, since they can also face inflation and economic strains but typically we all know they have stronger safety nets and governance structures to cushion the effects, or in a simple meaning their governments care more about their citizens.

Every country today is relying on import goods because its cheaper especially when it comes to China. Even the onions coming from China is cheaper than the local products in my country. So this is not just in Nigeria, countries in South America suffers as well.

The tariff sanctions that Trump started may actually be just the start and its going to get worse when all other countries will also be doing the same tariff increase.

[Yucky]

I thought the inflation was Africa thing, to see that it's happening in other continents is just really sad. I'm just here asking what what is the way forward? Because everyone seems to be experiencing inflation in their different countries, so what exactly is the way forward? Because here in Africa, the governments are not really putting in effort to make things better. Every man with their household, it's either you're getting into tech, you're investing in bitcoin, you're an entrepreneur, you're a farmer, just any way to get your money and help yourself.

That's what most of us in Africa are doing, looking for greener pastures and diversifying our flow of income but that's on a personal level. It's just sad that even when you work for your money, you have to buy things at expensive prices, causing your money to go faster than you earn it. I really just look forward to a day that our countries will have different stories without inflation, insecurity, political stability, crime etc. Honestly, it can be draining to wake up in a country where it's like the government is fighting against you.

[Kelward]

This never ending inflation is a global phenomenal, not only in Nigeria. However, the problem is the more incapable a government is, the more likely its citizens will suffer from inflation. If massive corruption is normal in the government, then we can’t expect but this country will continue to suffer. But if the government can manage to increase job offers for jobless citizens, hopefully this inflation may end up manageable in the long run.

I want to believe that most countries that are facing high inflation is due to high rate of corruption in government and lack of productivties in their countries. Most of these countries don't produce most of the items that they buy and sell in their countries therefore feeding the workforce of developed countries like China. Their currencies becomes very weak leading depreciation and the effect is inflation, they depend on foreign aid and when it arrives the funds are embezzled, leaving the ordinary beneficiaries to become worse off.

An example is Nigeria, a blessed country with natural resources and great minds but bad leadership is making the economy to be backward. Almost everything is imported into the country, whereas we have the manpower and skilled professionals to work, industries are closing down everyday because of epileptic power supply and a bunch of other reasons. The leaders of most of these countries that are hit with high inflation are the architect of their problems, that is why most people are migrating to developed countries for a better life.

[Dunamisx]

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

This is a global phenomenal and the cause is inflation, but the effect is mostly experienced on the developing countries because their economy is not yet stable as well as the value of their currency used in comparison to USD is not appreciable, then how is this going to be solved, then comes in the need for independencies, in terms of production, man power in the economy, political and other aspects, once the cordination is there, the leadership is balanced, then the people will be left with no choice than to follow the dictates of the government, other developed countries also are facing same problem, but isn't obvious because their economy is stable and controlled to an extent.

[moneystery]

....

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

this is not only happening in your country, but my country is also experiencing a similar problem where the prices of food and services are increasing, and it is not comparable to the wages of workers who have not experienced an equivalent increase. this has caused many people to now have to reduce their spending so that the money they get is enough for them for a whole month.

this is all caused by rising inflation which affects the prices of food and services. coupled with the government's incompetence in dealing with this problem, it makes it difficult for people to meet their daily needs.

[Zaka1221]

The rate at which things are becoming expressive is alarming, the rising of prices of goods and services like in Nigeria is affecting the livelihood of the people. Many Nigerians have travel out because of high rates in prices and low financial value.

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

All countries are facing inflation and that is due to different steps taken by government and public. There should be more export as comparison to import . When public will use more imported things then prices of things will go high. In the last few years we saw huge inflation in the market because after COVID market could not establish and people faced high inflation but in this inflation rich people became more richer and now they are dominant in the countries. Priced of food items are very high and poor people are very unhappy with that situation.When pricescof things will be high then services will also be high . There are thousands type of business which are running by people and labour is more than is past.

[Smartvirus]

Is this a global phenomenal or is only Africans going through this economic deflection and poor government system?

This is a global phenomenal and the cause is inflation, but the effect is mostly experienced on the developing countries because their economy is not yet stable as well as the value of their currency used in comparison to USD is not appreciable, then how is this going to be solved, then comes in the need for independencies, in terms of production, man power in the economy, political and other aspects, once the cordination is there, the leadership is balanced, then the people will be left with no choice than to follow the dictates of the government, other developed countries also are facing same problem, but isn't obvious because their economy is stable and controlled to an extent.

I kind of understand why you would say that. It always seems like the developing nations feels the most impact from the inflations due to the fact that, there isn’t a lot of jobs out there to directly tackle the inflation that have continued to ravage the economy. That’s the big difference between developed countries and the under developed or developing countries. The means to earn and working policies.

If the government could ensure proper working policy formulation and inspection, coupled with providing jobs and favorable conditions for businesses to strive, the impact wouldn’t be felt at the magnitude it’s been felt today.