A constant in today’s Nigerian economy is inflation, especially food inflation. Prices of goods keep increasing, leaving everyone frenzied. For seven consecutive years, we’ve witnessed a shocking inflation rate and an increment in the international exchange rate as well.
The inflation is a result of poor management of resources, bad leadership and the harsh effect of COVID-19 on the global economy. But do these matter to the common man?
One of the fundamental necessities of man is food. At the alarming rate of price increments, it begs the question; Is nothing going to be done about it? Citizens affected by the food inflation will have to take measures to contain it.
These measures can not cause a reduction in food inflation but they can help to mitigate the situation.
Buy in bulk.
This advice may seem useless especially as there is little or no money in circulation for these goods; but it is best taken to avoid unnecessary costs. Notably, the prices increase regularly so assuming you buy an item worth N3,000 today, by tomorrow it could be N3,200. Now the difference may be so small and seem insignificant but it dents a hole in your budget. Bukky, a fashion designer who buys groceries regularly explains it best.
“About a month ago, a regular pack of spaghetti was sold at N300 in the market so I decided to buy ten. The next time I returned to the market about a week later, I overheard a seller telling a buyer it was N350. However, I wasn’t bothered because I still had eight at home. To someone else, the change may be small but I understood what that N50 meant.” And today, a packet of spaghetti is being sold for N500.
Eat before going out
This is especially for if you are buying groceries. Laide, a hairstylist, stresses this in her story, “Not eating before going to the market is like using water as fuel. You’d eventually have to eat and the hunger pangs harder in the market, leaving you to spend out of your budget.”
Shopping alone is advisable because it ensures that you cater for yourself only. Taking people like your kids, a younger one, and so on, to the market simply means catering to them and dipping into your budget.
Unless of course you need someone for guidance and some support, you should buy those groceries alone.