When prices take flight🥴📈
#166: Inflation is leading us to re-evaluate our choices.
Hello Venturer,
If you’re Nigerian or Ghanaian, how is inflation treating you? I have had to tighten my belt, adjusting my spending to prioritize essentials over desires. If you are not feeling the effects of inflation, consider yourself fortunate.
Recently, I was at a supermarket where I stumbled upon the original Cheese balls that I loved as a teenager. Excited, I picked up a couple of packs and headed to the checkout counter. My jaw dropped when the cashier revealed the new price, nine times its original cost. At that moment, I decided that I did not really like Cheese balls.
That moment served as a reminder of the broader economic challenges many of us are navigating. Inflation is leading us to re-evaluate our choices. Ghana’s inflation rate rose to a four-month high of 43.1% in July from June’s 42.5% and Nigeria’s headline inflation hit a seven-year high of 22.79% in July. The effects of which are a significant impact on the pockets of citizens.
This week we evaluate how Ghana and Nigeria, the two biggest economies in West Africa, are facing their worst inflation crises in decades.
Boluwatife Areola
Content Developer, Ventures Africa
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