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Quote from: Uruhara on August 30, 2023, 03:00:00 AM

But I was wondering if this only happened in my country or in your country too?

In Nigeria, it has not been easy for the citizens. Not only the food price, but everything seriously is going even higher every day, and people are suffering. Both farmers and companies producing food are here. You know, in some places, if you are close to where something has been produced, you will find it easy and cheap, not like people that are coming far to purchase those products, but here in Nigeria, whether you are coming from far or close, it is still the same thing when we purchase goods, and right now it's raining season in Nigeria. We don't know how the dry season will look when we want to buy things to consume, which is ending in October. Anyway, we pray to get the solution solved before then.

Not only in Nigeria but in almost every country in the world, the prices of all kinds of daily items including food have increased a lot. But it doesn't matter if everyone in that country has a good source of income and can earn a high amount of income every month. However, in most of the countries of the world, even though the prices of goods have increased at a high speed, people's income has not increased much. And this is why it has become very difficult to live comfortably in most countries of the world

Prices of goods increase rapidly while people's income does not improve and they have to spend more to buy goods, a phenomenon called inflation. And in the case as you said, if people's income increases higher and commodity prices also increase, but as long as people still spend freely, I don't think it's called inflation.

Inflation in my country is also getting worse every day and I don't think this will go away even when the war ends or this crisis passes. Things won't go down and they will stay at that price and will continue to increase over time.

The main reason for the increase in the price of food products is that the rate of demand is higher than the production. And the reason for the additional demand is the increase in population in the country. Population is growing at a high rate in every country due to which the demand for food grains is increasing day by day. Therefore, no country is able to reduce the price of food products, whether it is Asia or Europe. And for this reason it cannot be called inflection. Inflation occurs when the price of goods rises and the value of money depreciates even though production remains constant