The other day, after a social outing, I felt I had being robbed. I brought out my calculator, and punched the expenses I made on that day into it. Result? No money was lost. I was the one who actually spent the money I was suspecting others have stolen from me. That is what inflation, particularly the hyperinflation variant of it can do. You would feel that money has being lost somewhere whereas a dime was not lost.
In the bustling markets of Lagos, where naira notes change hands like whispers in the wind, an invisible hand is at work. It slips through the cracks of consumers’ wallets, siphoning off value with every passing day. What is this elusive culprit? None other than inflation; the silent thief that steals from consumers’ very pockets.
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Imagine your hard-earned money as a sandcastle on the shore. Inflation creeps in like a stealthy tide, eroding its foundations. Prices rise imperceptibly, yet relentlessly. That loaf of bread you bought last month? Now it costs an arm and a leg. Your morning commute? A bus ticket to the moon. And that garri? Well, it is practically gold-plated now. The culprit? Inflation, masquerading as an innocent breeze, nibbling away at consumers’ purchasing power.
Inflation’s magic trick? Making consumers’ money vanish without a trace. You hold a crisp note today, but tomorrow it is worth less. That new phone you have been eyeing? By the time you save up, it is already outdated. The invisible hand waves its wand, and poof! Your dreams slip through your fingers. No smoke, no mirrors, just the quiet erosion of value.
Our wallets groan under the weight of rising prices. Inflation dances through the aisles of supermarkets, jacking up the cost of essentials. Fuel, utilities, groceries, they all perform a costly ballet. Even the humble bus ticket joins the chorus. And we, the unsuspecting audience, pay the price. The cost of living crisis? It is inflation’s encore performance, stealing the show.
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As prices pirouette upward, households tighten their belts. Discretionary spending? A fading memory. Real wages stumble, and optimism wanes. Inflation’s choreography forces us into a financial pas de deux, a delicate balance between needs and wants. The invisible hand leads, and we follow, tip-toeing around the rising tide.
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Governments and central banks pull levers, but inflation remains an enigma. Interest rates rise and fall, yet the invisible hand persists. It scoffs at our attempts to tame it. Global energy costs? A wild card. Inflation’s smirk echoes across borders. We chase shadows, while it pirouettes in plain sight.
So, dear reader, beware the silent thief, the phantom inflation that nibbles at your naira. It is not a masked bandit; it is the air we breathe, the whispers in the wind. Keep your eyes peeled, for the invisible hand never rests. Your money? It slips away, one unnoticed naira note at a time.
At this juncture, it is expedient to clarify that this writer decided to sound poetic in this context as the issue been discussed is an essential part of consumerism, particularly as the genre would engender the leverage of understanding the fact that inflation is actually the thief that is literarily stealing peoples’ hard earned monies, and not the typical thieves anymore.
The other day, after a social outing, I felt I had being robbed. I brought out my calculator, and punched the expenses I made on that day into it. Result? No money was lost. I was the one who actually spent the money I was suspecting others have stolen from me. That is what inflation, particularly the hyperinflation variant of it can do. You would feel that money has being lost somewhere whereas a dime was not lost.
Ostensibly having a fair share of this writer, it will be recalled that in the bustling streets of Ojuelegba, Lagos that a middle-aged man stands under the sweltering sun, his brows furrowed in confusion. His pockets hang limp, and he frantically searches through them, pulling out crumpled naira notes. His eyes widen as he realizes that his money has vanished, seemingly evaporated into thin air.
Little does he know that it is not a pickpocket or a magical disappearance causing his financial distress. It is the invisible culprit of inflation, the silent thief that erodes the value of his hard-earned savings. The naira notes he clutches have lost their purchasing power over time, leaving him with less real wealth than he thought.
As he gazes at the sun-drenched streets, he wonders how to safeguard his savings against this insidious force. Perhaps he will seek advice from a financial advisor or explore investment options that can outpace inflation. But for now, he stands there, pockets turned inside out, caught in the perplexing dance between money and time.
However, it is expedient to opine that this writer is not the only one who is at the moment feeling the biting impact of inflation. It is everyone, as long as we are all in Nigeria. So, if it feels like your naira does not go quite as far as it used to, you are not imagining it. The reason is inflation, which describes the gradual rise in prices and slow decline in purchasing power of your money over time.
In fact, delving into the current inflation situation in Nigeria and how it is impacting on the population shows that not a few Nigerians are currently grappling with a severe inflation crisis. In June 2024, the headline inflation rate surged to 34.19%, the highest since March 1996. This acceleration has significant implications for everyday life, affecting everyone across the country.
Given the ugly and retrogressive situation, it is no more news that inflation in Nigeria is been driven by fuel subsidies removal. Without a doubt, the removal of fuel subsidies has contributed to the inflation surge. As fuel prices increase, transportation costs rise, impacting the prices of goods and services.
In a similar vein, the depreciation of the Nigerian naira against other currencies exacerbates inflation leading to the situation where imports have become more expensive, and in turn leading to higher prices for imported goods.
In fact, food prices have skyrocketed, accounting for the bulk of Nigeria’s inflation basket. In June 2024, food inflation reached a record high of 40.87%, driven by price increases in essentials like bread, cereal, potatoes, and fish.
With prices rising rapidly, the purchasing power of ordinary citizens diminishes. Basic necessities become costlier, affecting households’ ability to afford essential items.
Not only that, rising inflation directly impacts the cost households struggle to meet expenses related to food, housing, and utilities.
Also, small businesses face challenges due to higher input costs as entrepreneurs grapple with increased production expenses, affecting profitability and job creation.
In a similar vein, high inflation is fast eroding the value of savings and investments, even as Nigerians are finding it harder to save for the future or invest in assets that can protect against inflation.
Inasmuch as the Nigerian government is actively addressing the situation, not a few experts and analysts are urging asserting that sustainable solutions, and a multi-pronged approach are required.
The experts suggest that the Central Bank of Nigeria (CBN) must strike a balance between controlling inflation and supporting economic growth, and that responsible fiscal policies are crucial to managing inflation, even as reducing subsidy spending and promoting transparency can help stabilize the economy.
Also, they suggested that social safety nets can mitigate the impact on vulnerable populations, ensuring access to essential goods and services.
Be that as it may, Nigeria faces a critical juncture in managing inflation. As policymakers work to stabilize the economy, citizens must adapt to the challenging economic environment. Vigilance, resilience, and targeted interventions are essential to alleviate the burden on Nigerians during this inflationary period.
Given the foregoing, there is no denying the fact that inflation is literarily a silent thief that is stealthily pilfering consumers’ purchasing power.
