contest:- The Effect of Rising Inflation on Everyday Life

How are you all my friends? I hope you all are very well and healthy by the grace of Almighty God. Today I will be participating on a contest organized by our follow member @deepak94 in this wonderful community and I promise to do my best in puting down all that is in me into the contest.

In today edition, we will be talking about The Effect of Rising Inflation on Everyday Life and before i go into those effect of inflation let at first know what is the meaning of inflation in economy terms.

Meaning of inflation

Inflation can be defined as the increase in general price of goods and services in economy.

some effects of inflation in everyday life.

1. Impact on Purchasing Power

Rising inflation reduce the value of money in the economy. For example fish that I normally get at ₦500 is now ₦1500 and they is no other fish to be brought at ₦500 again making the value of ₦500 the useless.
This also applies to a lot of things should as the water bill, electricity, gas as we the user will have to adjust ourselves so that we can be able to use of the goods.

source

2. Impact on Savings

Inflation play a long way in our savings habits because when the price of good and services is on the high side it makes it difficult for us to keep on in our normal savings habits.

3. Rising Cost of Debt

With the rise of Inflation debt own by individuals increases. This mean a lot of people who are living hand to mouth lifestyle changes because of the increase in price of good and services and because of that they will have to go extra mile so that they can have something to eat and because of that they will have to borrow and hold a debt on their name.

4. Lifestyle Adjustments

Because of inflation the citizens we have to adjust the lifestyle so that they can be able to cope with the rise of good and services in the country.

source

Imagine myself now I have adjust myself from three square meal dairy to two because of how the economy of the country is working and things are so that hard that I have to make necessary adjustments so that I can keep up in life.

This is way I will like to stop and before bi go I will like to say that inflation has a lot of renounces impact on everyday life which includes rising of prices in good and services, impact on savings, increases of debtors and lot more. Thank you all for having me here see you on my next post.

I will like to invite
@goodybest
@abdullahw2
@shiftitamanna
To join this contest too.