By-Adejide
15 April 2024
Inflation Depressed the Standard Of Living
Inflation is simply general progressive increase in prices. It makes money less valuable. An economy hit by inflation suffers economic depression. Therefore, the standard of living of a common citizen is greatly affected.
It is trite to highlight the classes of living in Nigeria. Economic depression took out the middle class leaving only first and lower classes. Majorly, a larger percentage of the citizens fall into lower classes. This category struggle with bills, essentials and finds it difficult to make progress with life plans.
As Citizens we wonder what could be the cause and ponder for solutions whilst here are few causes:
- surge in demand for products
- cartel control of the economy
- low productivity
- unfavourable balance
The increase in the Nigeria population warranted higher demand in products and there is insufficient production to match it. The control of a few individuals over certain sectors eventually led to this monopoly.
Survey indicated solutions are not far-fetched as Nigerians long for a better Nation.
What solutions can you suggest to tame inflation?
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