Market Related Inflationary Factors and the Purchase of Consumer Products in Nigeria
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Date
2011
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Publisher
Legaltext Publishing Company Limited
Abstract
Inflation and social welfare have remained a twin issue in any
political landscape. The correlation between them is borne out of the
fact that economic products available in the market are produced
based on cost inputs transmitted into the value of finished goods.
When inflationary factors persist, the costs of input increase resulting
in expensive products and services. A trend ofthis nature reduces the
purchasing power of the consumer and invariably his or her welfare.
Government policies have been observed to have far reaching effect
on the catalytic effect of inflation in the economy through active
monetary policies or a lack-lustre attitude towards investment both
internally organized or through foreign direct investment (FDI).
Environment- wide impact of inflation cannot be overemphasized, as
it has a gamut of negative effects across societal values such as
education, women and child labour, diseases, conflicts, riots, and
other anti- social disruptions. It was also observed that a veritable
paradigm of modern marketing strategy is equally abused and short
lived by inflation, as persistent price rise reduces the relationship
between the buyer and the seller because of the attendant risks and
uncertainty in the marketplace.
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Keywords
Inflation, Welfare, Prices, Costs, Consumers, Government, Nigeria