Inflation instantly brings to mind images of rising prices, shrinking paychecks and unhappy consumers, but is inflation all bad? Inflation is defined as a "sustained increase in the general level of prices for goods and services." Many consumers fear inflation because it reduces the purchasing power of their money”.
The influence that inflation has on consumers in Nigeria and other developing nations in Africa can be seen in increase in food prize, fuel price etc. Food price inflation is an ever-greater concern to many developing countries around the world. When the price of petrol goes up, it costs you more money to fill up your vehicle at the fuel or petrol pump station, when the price for fuel increases it increase the cost of transportation which automatically increase the cost of food prices and developing countries feel this pains more than developed nations. That’s why in less-developed nations or developing countries food price inflation is ever greater problem. A good example is the situation Nigeria faces since 2015 to 2018 a constant high increase in food prices due to inflation and other factors etc.
When the price of basic food items increases significantly, low-income consumers experience severe hardships. In recent years, food price inflation has resulted in public demonstrations and rioting in numerous countries across the globe, including countries like Chile, Morocco, Tunisia and Algeria and even Nigeria. Inflation is a typical result of depreciating currencies.
Mbakpuo, J. (2018). Inflation: The Good, the Bad, and the Ugly. Afribary. Retrieved from https://track.afribary.com/works/inflation-the-good-the-bad-and-the-ugly
Mbakpuo, James "Inflation: The Good, the Bad, and the Ugly" Afribary. Afribary, 29 May. 2018, https://track.afribary.com/works/inflation-the-good-the-bad-and-the-ugly. Accessed 25 Dec. 2024.
Mbakpuo, James . "Inflation: The Good, the Bad, and the Ugly". Afribary, Afribary, 29 May. 2018. Web. 25 Dec. 2024. < https://track.afribary.com/works/inflation-the-good-the-bad-and-the-ugly >.
Mbakpuo, James . "Inflation: The Good, the Bad, and the Ugly" Afribary (2018). Accessed December 25, 2024. https://track.afribary.com/works/inflation-the-good-the-bad-and-the-ugly