Inflation is the rate at which prices of goods are rising. If you visited the market at the start of the month, you could bet you won’t buy those goods at the same price. When you think back to the prices of goods in the market in January 2022, virtually nothing costs the same in September 2022. The rate of inflation in January this year was 15.6% by August, it rose to 20.52% (God save us).
Food, fuel, and energy are the main drivers behind increases in the cost of living. In addition to an increase in demand after the pandemic, supply chain delays, and the war in Ukraine. The worsening insecurity in Nigeria continues to hinder farming activities and discourage agricultural investments in key crop-growing states while putting existing agricultural businesses in constant peril.
Now that you know what causes inflation, how can you grow your money and protect the value from being entirely eroded by the rising inflation? Here are a few tips:
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