[b][/b]More Salary, More Money and Inflation, How they affect your STANDARD OF LIVING

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Both abroad and in Nigeria, there is a regular demand for increase in salary especially in the Civil Service.

This is obvious in the repeated strikes of ASUU and NLC as we commonly call them and also in the strike of NASU(Non-Academic Staff Union) and the recent strike of the medical Doctors.

I'm not saying the decision to go on strike is always a way to demand for increase in salary, but it's a common truth that most of the "strikes" are a way to demand for increase in salary, payment of unpaid salaries, payment of benefit etc.

Outside the Civil Service, people are always seeking for promotions, better jobs which of course come with the benefit of a better pay.

Why do we want a better Pay?

We want increased salary and a better Pay so that we can have an improved Standard of Living. We believe if we earned more, life will be easier and sweeter. We'll get that car, move to a new apartment, build our own house, go for that vacation etc.



You need a better salary to afford these things. Why is your salary not enough to afford them? Because they're expensive. Why are they expensive? Because cost of living is high.

Well, I hope you get a better paying job and increased salary, but your salary is not the real problem. The problem is the high cost of living. You might ask, why is the cost of living high and always increasing? Well, it's due to inflation.



When there is inflation, price of goods go higher, government print more currency, money loses its buying power.

For example, something you could buy for 100 naira some years ago is now 500 naira due to inflation. This means, your 100 naira is not as powerful as before, it is now weaker as it can no longer purchase what it could before. Another example, about some years ago(let's say around 2014,2015), I could get a satchet of tomato paste at a retail price of 30 naira, now I it cost nearly 150 naira to get it at retail price, the price of the tomato paste has increased due to inflation, my 30 naira is not as powerful as before since it can no longer purchase what it could before, the value and buying power of my 30 naira has reduced, I now need about 5 times the former amount to get my tomato paste.

This shows that due to inflation, price of goods increase, value(buying power) of money decreases.

Due to inflation what a certain amount of money could buy before, it can no longer buy. Continuous inflation will result in continuous increase in cost of living. So, no matter how well paid you are, no matter how huge your salary, if inflation continues your income might not be enough to cover the expenses of your lifestyle. A lot of salary will just be a lot of worthless currency unable to buy anything. So, the real enemy is inflation.

I'll see you later on what inflation really is, how it affect you and if we can do anything to stop or reduce inflation