The Challenges of Price Adjustments During Inflationary and Deflationary Periods.
It is funny how some people do selling, especially when things are supposed to come to people at a cheap price, but they are the other way around. Some time past now we experienced a huge amount of price and commodity inflation which made a lot of things rise so much that we could not cope with the pricing of each commodity. Then every time you go to the market for anything, you find out that the price has changed because they claim there is inflation.
Now we have the rate of a dollar to naira very low compared to what it was before and this has made the price of things come down so much. Some days ago, I saw a post which was saying that the price of a dollar to naira has fallen, and they hope the price of things will change too. But in this case, it is reversed. In the sense that, when you go to the market now, each seller who has gotten their product at the high price won't want to run at a loss, so they would want to still sell high instead of low.
Yesterday, I was in a warehouse where building materials were sold, and I wanted to get some materials which I needed for building which I am monitoring and when I got there, I was hoping I will get a lesser price but when I got there, instead of getting a lesser price, it was still a fixed price and in fact it was a bit on the high side. I moved closer to the seller and asked him why the price has never changed despite things becoming cheap, and he said he has not sold off what he has gotten during the inflation, and he wants to get his money back.
This is a good thing and I really understand that this can be me also in these person's shoes, but I would not have made the price so high like that because when each costumer's sees that your products are high, and they can get a lesser product from somewhere around you, they will move. That is why, as a selling, one must be updated in the market aspect.
As it stands now, wed cannot get something cheaper until when most people have sold what they have at hand. Do I need to wait till this time comes or, better still, buy it the way it is? As it is now, buying is the only best option and when you are buying also, you don't buy too much so that you won't be affected.
But does it need to be like that for things to work? Sometimes the issue I have with sellers is that when the price of commodities goes up, they tend to increase it on time to get a better pay but when it comes to doing or selling at a very subsidized price, no one would ever want to do that.
Can we cope with this kind of standards of living? The only answer I can give to this is that, only when we come to realize the more cheaper things get, the more you sell and make profit easy. That is why I will never be a fan of inflation any day, any time.
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