The high cost of living in Africa most populous nation has been a thing of concern to consumers. This is because they bear the brunt of any unfavorable policies and producers/manufactures high cost of production etc. Consumers who have been groaning over the high cost of living in the country, have called on the Federal Government to take action to reduce the high price of goods and food items.
Some of the consumers who spoke to Sunday Telegraph the Ojokoro Market, a general commodity market in Ikorodu, Lagos State, said the efforts made by the necessary bodies in charge of regulating the prices of goods and services in the area are not enough.
HIGH COST OF LIVING
The cost of living is the amount of money needed to sustain a certain level of living including basic expenses such as housing, food, taxes and health care. The cost of living is often used to compare how expensive it is to live in one city versus another. The cost of living is tied to wages because salary levels are measured against the expenses required to maintain a basic standard of living depending on the geographic region.
WHAT CONSUMERS SAY
They for a specific reason complained that the prices were not favourable to them and some of them who can’t afford these goods aren’t left with any option.
Sunday Telegraph also learnt that some sellers intentionally hike the prices of their products in order to increase more profit which most times buyers are forced to purchase because of its necessity.
Ms Catherine Mbanugo, a civil servant, said that some buyers intentionally increase the prices of their goods in order to maximise profit at the expense of the buyers who have no option than to buy them. She said that the salary she gets doesn’t cover the basic and necessary amenities for her family and therefore cannot pay for the recent increased price of goods.
“We are expected to take care of our families and we are paid according to our efforts. We are paid between N15, 000 – N50, 000 but are expected to take care of the family with an approximate of N 100, 000 which is not fair. Prices are hiked exorbitantly which should not be so. During the previous scarcity of Tomatoes, Traders exploited vulnerable position of people and increased the prices of tomatoes all because it was scarce. Tomatoes of N200 was increased to N500- N600.”
Hassan Yusuf, a wheel barrow pusher in the markets corroborated the claims of Ms Mbanugo, saying the rate by which things were sold have increased.
He said: “We had to increase the rate at which we carry goods because the prices have also increased and we don’t want to be at a loss. The quantity of the goods determines the amount that would be charged and since the traders increased theirs, we increase our because we don’t want to be at a loss”
While consumers complained about the unusual increment on the prices on goods in the market, Sunday Telegraph interviewed some buyers to get their opinion on the matter at hand. Most of them blamed the government and transport system. They said that the fees they pay to move them goods from one location to other is exorbitant and that’s why they had to increase their prices so as not to be at a loss.
Miss Patience, a sales girl in food items and condiments shop in the Ojokoro market, said that the increment in the prices wasn’t their fault, saying the rate at which they buy the items had increased and the fees they pay to move them was not accommodating.
According to her, the present administration crippled the economy making it difficult for traders to converse properly. Some traders are even exploited for some reasons she refuse to disclose. She concluded by saying that the increment wasn’t their fault but because of the circumstances surrounding it.
Blessing Mayowa, a student of the Lagos State Polytechnic, questioned the federal and state governments authorities on why nothing is being done about the high cost goods in the market. She asked why the prices aren’t regulated uniformly. She stated that in some markets products are a cheaper while some it’s the reverse.
She said that the price of goods in the market should be uniform to avoid exploitation of consumers by greedy traders.
source: Sunday Telegraph