Several months ago, I bought Val-U bread for N220. Two months later, price went upwards to N250. A few months later, it became N300.
I was perplexed and exasperated.
Name it: Table water, toothpaste, malt drinks, transport fares, school fees, house rent, garri, elubo, handset, dollar, gas, bottled groundnut, rice, imported products, etc., etc.
The naira is losing value fast, and people get poorer and poorer. The previous generation were richer than the present one, and surely the present generation would be richer than the coming one. Thatís one hidden law of economics that many educated people donít know.
What I can use N1,000 for about 10 years ago was much more significant than what I can use it for nowadays. This means that, unless you have several sources of income, or your alary is increased regularly, you become a poorer person.
People donít have money to buy what they need, and what they need keep on increasing in prices.
A responsible family man with a few kids plus wife would hardly survive on N20,000 per week, not to mention the fact that many people collect less than N50,000 per month. A graduate whoís spent huge amount of money to get a degree is now being offered N10,000 salary per month. This is a pity.
In Nigeria, over 110 million people canít boast of an income of N300 per day. The reality is even worse than this. When a company declares profits, itís not that they really make profits, but they save lots of money by downsizing, retrenching or reducing employeeís income. Is this normal?
When people need to spend more and more to buy the same thing they have been buying as a necessity, they become poorer and more hopeless if their income doesnít increase or it gets reduced.
Can government really help us to control inflation? Iím afraid that, if things are not controlled, it may lead to hyperinflation or runaway inflation. I pray that such thing doesnít happen here.
Please save our souls Ė inflation is running out of control in Nigeria.
Neteller here: www.ituglobalfx.com.ng