In Nigeria, inflation can have a significant effect on the daily lives of its citizens. When prices rise, the purchasing power of the average Nigerian decreases, making it more difficult to afford basic necessities such as food, housing, and healthcare.
High inflation rates can lead to a decrease in real wages, meaning that even if a person's income remains the same, their ability to buy goods and services diminishes. This can result in a decline in living standards and an increase in poverty levels.
The truth is that many countries are also facing inflation, but the case is different when your country's currency continues to depreciate. The impact of inflation on my personal life is something many other Nigerian families face every day.
The hyperinflation rate has made it so hard to save because most of the money we earn online and offline can't even cover the cost of living. The more you earn, thinking you will be able to meet your basic needs and save for the future, the more the price of goods and services increases.
Businesses in Nigeria also face challenges due to inflation. Rising costs of raw materials, transportation, and other inputs can squeeze profit margins, making it harder for businesses to expand and create jobs. I planned on starting a laundry business at my estate, but the cost of building it was enough to put a pause on that dream. The last time I checked the cost of washing machines, it was around 55 thousand naira, but currently it's at 110 thousand naira; that's even above the 100% increase. So starting a business is hard enough, and even if you successfully establish the business, there are still some costs that would squeeze out the profit you're making.
Basic gadgets for keeping life active on the hive and some other online jobs to support the offline job I'm doing are now so expensive. For a while now, I've wanted to get a laptop, but the ridiculous price the gadget vendor called it for me in January made me decide on getting it later, after I made some more money. Currently, the price of that laptop has increased, and if I don't buy it on time, the price will continue to increase. The laptop cost $250, and I only have $70, which means I have a long way to go.
I plan on taking out some of my token so I can get it; it would make work easier and faster for me, and after I purchase it, I can start building my portfolio again.
One thing that's certain is that if there is enough at home, then it would be easy to gather all the funds one possesses to get anything they want. The inflation rate has made it so hard to get two things at a time; you have to let go of one to get another, all because of the cost of living.
We are all hoping for a better tomorrow, and I hope it gets here on time.
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Yes, due to inflation, the value of country currency is depreciating... it is really difficult to manage our expenses...
Very difficult especially when the source of income isn’t a stable one
yes ... it is difficult to survive ...
!BBH
@gargi! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @fashtioluwa. (2/5)
Thankyou
Many are being challenged indeed due to inflation. It's getting tougher every day which makes me wonder how people would cope up when things get worse.
I also wonder too. Like I’m struggle to get by daily and there are people I can see and I know I’m doing better than.
I wonder how things are going in their lives.
This is one of the reason crime rate increase
Yeah. Must be very tough for them to get by. And true too, the difficulties make people resort to doing illegal things.
Inflation is affecting all of us. It's the general trend around and I fear it's not going to go away near time soon. We ourselves have to make out our own solutions and create assets to beat inflation rate. Wish you luck friend. Have a good day !PIZZA
Thank you man. You said it well. My fear is that it’s gonna stay for long and I hope we all can survive for as long as it wants to stay
Despite other countries are facing the problem of inflation, I believe Nigerians are suffering the most because of this. Naira is being devalued. To be frank, this phase is crashing lots of dreams.
Meanwhile, we will keep striving.
There is no place to dream for the major masses because it will look like everything is out there against your dream. The little opportunities out there needs lot of money to get there first and that’s money, if one gets it. They would want to eat first
You have said it all
Nigeria is now difficult to live and to survive, the high cost of food in the country is very alarming. Fifty thousand naira (50k) can’t buy you enough food anymore and the most annoying thing our currency doesn’t have any value any all.
We all hope Nigeria will be better one day
Funny fact is how people complain about the devaluation of naira to dollar which made the rise of price unbearable.
Currently now, naira is gaining against dollar and the price of basic things that went up haven’t changed. Things keep getting expensive and I wonder what they would blame now. Sometimes people are their own problem
Yes
Not everything was caused by the government sometimes we people are the one doing ourselves. We are all hoping Nigeria will be better one day
I hope so too
!BBH
@omotife! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @fashtioluwa. (5/5)
I'm in the same situation as you, and the worst is the price keeps on going up, it is scary to think of how high the inflation will be by the end of this year if nothing tangible is done to control it.
Yeah
One thing I’m not happy about is that there is no regulatory body to regulate the cost of things in the country. People can just decide any amount they want to sell things and others one have a choice but to buy because they needed it
$PIZZA slices delivered:
@vikbuddy(4/10) tipped @fashtioluwa
Don't be surprised when that laptop exceed $250 again, so crazy. The case is more tougher in our country as the currency keeps losing its value. The way we are surviving ehn, only God can help us.
That’s why I want to quickly pay a deposit and be paying the rest when I have money. At least in two months I would be able to pay the money complete before it goes up again
That's a wise move then.