Rising Price in goods and services

[Israelgogo]

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?

[Maslate]

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

[Charles-Tim]

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

No. If you check many countries in Asia, North America and South America, the are having not as good economy like you may think. Also an example in Europe but not part of European Union is Turkey.

But as good as you might think some countries are, they suffer inflation. You can check this lists: https://tradingeconomics.com/country-list/inflation-rate

There is not country someone can not survive. Hold appreciating assets instead of saving fiat. Business can also help. There is no country that there are no rich men. If you go to California in United States, you will see some homeless people. In life, someone needs to be intelligent in making money and living a happy life.

[She shining]

The major cause is inflation and is experienced by all countries ime the world. There are countries with policies that have helped reduce the impact, a strategy not usually exercised by developing countries as a result of various factors like political instability or their monetary policy.

The thing is its not that prices of goods are rising. Fiat currency are consistently falling.

[Mr.sprin]

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.

[Fiatless]

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?

Inflation is the reason for the high price of goods in Nigeria. Other countries of the world are facing inflation but Nigeria is exceptional because the rate is high. Traveling out of the country is an option for few people who have the money, skills, or qualifications. With the increase in far-right anti-immigration movements in many developed nations, immigration might no longer be a good option, except there is a good offer.

There are still opportunities in your country if you observe closely. To survive this high inflation, you will need to seek for means of increasing your income. It might be through an extra job or business. Nigeria is better than some countries like Venezuela and Zimbabwe which faced hyperinflation.

[Cryptohygenic]

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 the COVID-19 there had been global economy crisis and the Russian war and the Israel wars has also been a limestone triggering the exceeding of the long term inflation.
Nigeria is not the only place where is faced with the hike of goods and services but their governments are making it worse critically on the diverse of economy policies that is affecting impartation of goods with the lack of infrastructures that was ought to bring a hedge against inflation in the country. Also the system in their monopoly economy structures.
Even in the US currently, they have fallen to 3% on inflation which has not be experienced in a long time now. While some are throwing stones on Trump's governing system as responsible to it, it is important to note that political interests has also been a major fact affecting the economy system globally.

[Charles-Tim]

Since the COVID-19 there had been global economy crisis and the Russian war and the Israel wars has also been a limestone triggering the exceeding of the long term inflation.

The inflation in Nigeria was mainly caused by bad government approaches and how the government failed to know what Nigeria needs to have good economy. Naira that was 385 to a dollar last year is now 1590 to a dollar. What can we call that? I see no one calling it hyperinflation but I think it is hyperinflation in the country.

[Coyster]

Inflation is not peculiar to any country, it is a global problem, though some countries have it far worse than others, especially the third world countries. The pandemic and the resultant printing of more money by most countries is the major driver to the inflation that their citizens are experiencing right now, there are also a couple of wars around the world, and then not to forget economic wars too, all of these cause rising inflation.

It is up to the government to do something about it, creating policies that help to lower inflation, raise the purchasing power of their currencies and give the people a better standard of living.

[Fortify]

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?

There's definitely a pattern over several years so this does not seem like an easy problem to solve. I don't actually know of a single export from Nigeria which is part of the problem. If you are just creating internal consumption that can sustain you to a degree, but you really need to produce goods that other countries want in order to build up foreign exchange reserves. These give your currency more stability and buying power, they make it more desirable to hold for other countries. At this point it would be good if Africa united similar to Europe and had a unified currency, but I think they are far from achieving the level of political stability required.

[Josefjix]

It is up to the government to do something about it, creating policies that help to lower inflation, raise the purchasing power of their currencies and give the people a better standard of living.

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.

[Botnake]

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.

[Stable090]

The inflation in Nigeria was mainly caused by bad government approaches and how the government failed to know what Nigeria needs to have good economy. Naira that was 385 to a dollar last year is now 1590 to a dollar. What can we call that? I see no one calling it hyperinflation but I think it is hyperinflation in the country.

The issue of inflation in give is not only caused by bad government also the people are  contributing to what people are going through because there is no way that this will only be from the government so we need to work on our selfs before the government and the government should be the last person that should be worked upon if the people can get there way right then there should not be any complaints about and the issue of dollar was also manipulated by people so the root have to be corrected before any other thing will be able to follow. And there is regulation for all this but they don't longer see importance in making things right they need absolutely iron hand for them to be able to correct things because things are actually getting out of hand and the earlier the better everything is put under control the better for the people.

[GiftedMAN]

Since I can't conclude on what is going on in other countries let me speak on my experience in my country Nigeria, things are on the high side, there's hunger in the country and the rate of inflation is increasing everyday I don't know if other countries are experiencing similar things but here in Nigeria the currency is without value no more and the price of things has gone up beyond what we never expected.
The government has to come to the aid of the people and create employment opportunities, reduce hardship in the country and make the Naira to be useful again that's when we can see the price of things reducing.

[Coyster]

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.

This is not correct, the government has the responsibility of reducing or managing inflation, though it is not easy to manage. Creating employment opportunities or increasing wages is not a direct way to reduce inflation, as a matter of fact, when people have more money to spend, demand for goods and services will increase and the result will be inflation, so it is counterproductive.

That said, the government can adopt monetary policies such as increasing interest rate, doing so with reduce available money/fiat in circulation and will push down the prices of goods and services. Government can also try to effectively control the prices of goods and services, that's why there are agencies in charge of price control.

[TheUltraElite]

Inflation cannot be stopped just like that, you have to keep going through the grind hoping that things will get better. Bitcoin will never be the thing that you can bring into your economy unless the government is giving a green signal to it, which most governments dont want to right now.

I know the situation in Nigeria is bad for my fellow Nigerian friends here, but these is no quick solution to this right away. The situation was similar when I first joined and little improvement, rather it has worsened.

Keep going through the grind, there is light at the end.

[Bright0515]

Bruh it's true that the prices of goods and services are very high and and also affecting livelihood but I will 100% disagree if you say it's happening only in Africa and Nigeria that is not true at all. But I will highlight maybe one or two reasons that makes it feel like Africa and Nigeria are the headquarters.

Last year my boss's son who traveled to London had to call back home to send him and his family some food items that it was too expensive there.

Another fact is that Africans don't keep quiet on anything it must be known every little thing they make it seem like the world is falling down, and the government are selfish they are not contented the masses are nothing to them, last year we saw how china economy witnessed a setback but was not heard the way it would have been for Africans we should learn how to be contented.
I have said it before in Africa just wake up and make sure you have enough for yourself and family don't prefer a luxury life else, but if there is the opportunity for a luxurious life then take it but my advice is mainly for a common man in Africa in Nigeria and the world at large.
Sorry if I spoke against anybody your thoughts and corrections matters for a chart thank you.

[jstyler]

I think we're seeing a pattern of inflation affecting many countries, not just Nigeria. It's not just about high prices but also devaluation of local currencies and poor economic planning. Increased prices can indeed affect entire economies and communities. It's time for governments to step up and implement policies that support their people, not just boost profits!

[Oluwa-btc]

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?

We'll it's a clearer sign that inflation has really eaten deep into the economy of the country thereby making things especially prices of commodities extremely high and at such the poor masses are unable to afford some things. I'm not sure this is a global phenomenon but necessarily Nigeria needs good governance that will thus reflect on the economic sector but there's no sign of change because this increasingly high rates of goods and services will definitely affect the progress of the country as a whole and something should be done.

[Rockstarguy]

Inflation is not peculiar to any country, it is a global problem, though some countries have it far worse than others, especially the third world countries. The pandemic and the resultant printing of more money by most countries is the major driver to the inflation that their citizens are experiencing right now, there are also a couple of wars around the world, and then not to forget economic wars too, all of these cause rising inflation.

It is up to the government to do something about it, creating policies that help to lower inflation, raise the purchasing power of their currencies and give the people a better standard of living.

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.

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.