Is it Just Me? I Always Feel Robbed And Cheated Each Time I Leave Inflationary Market

BY ISAAC ASABOR*

In a world where inflation appears to be the constant background noise of daily life, it is no surprise that many of us feel like we are being robbed. The soaring prices of commodities, food, and everyday essentials create an ever-looming sense of financial insecurity. Even when our wallets are intact, the sense of being cheated or losing control over our financial situation can be overwhelming. 

Every day, we engage in the act of spending. A simple shopping trip can turn into a perplexing spiral of anxiety as we watch prices escalate before our eyes. What used to be a routine task suddenly feels like a daunting challenge, a gamble where the odds seem invariably stacked against us. You might leave the store with a large bill, only to wonder if you were overcharged by a vendor or if certain items cost more than they should have. This pervasive fear, despite knowing you were not robbed, echoes in the minds of many Nigerians grappling with financial uncertainty.

Feeling robbed is not just a matter of physical theft; it is psychological. As inflation rises, the purchasing power of our money diminishes. What you could buy for a specific amount last year now requires significantly more. This erosion of value can evoke feelings of violation, similar to the emotions that arise from being robbed. You might ask yourself, “Where did my money go?” or “Was that price hike intentional?” These questions exacerbate feelings of vulnerability and distrust toward vendors.

As inflation takes root, it is easy to start suspecting that vendors are taking advantage of the situation. An increasing number of consumers report feeling skeptical about pricing practices. Whether at a bustling market or a local store, the fear of being overcharged arises. You might find yourself questioning every transaction, lingering over receipts with a critical eye, wondering if you paid a fair price.

Social media can often amplify feelings of financial insecurity. With the constant flood of information on inflation rates, economic forecasts, and stories of struggling individuals, it is easy to feel a sense of collective loss. Images of empty shelves or exorbitant price tags circulate online, further fueling paranoia. “Is it just me?” becomes a common refrain shared among those grappling with economic pressures. 

So how do we cope with this pervasive feeling of being robbed, even when no theft has occurred? Recognizing that such feelings are a common response to economic hardship can be the first step. It is essential to differentiate between emotional responses and reality. Engaging in transparent discussions about finances, seeking community support, or even practicing mindfulness can help ground us in the present.

Ultimately, acknowledging our feelings is crucial. Understanding that the fear of loss and the sensation of being robbed are valid emotional responses in these challenging times can foster resilience. It is not merely a personal struggle; it is a shared experience that many are navigating together.

In fact, while the waves of inflation cast shadows over our daily lives, leading us to believe we have been robbed, it is important to remember that these feelings are not unique. They arise from the broader context of financial uncertainty. By leaning into our shared experiences and supporting one another through these turbulent times, we can begin to reclaim our sense of agency, one transaction at a time.

According to Statista, a global data and business intelligence platform with an extensive collection of statistics, reports, and insights, “Nigeria’s inflation has been higher than the average for African and Sub-Saharan countries for years now, and even exceeded 16 percent in 2017, with no real, significant decrease in sight.” However, the more serious issue is its instability. An erratic inflation rate, such as this one, is usually indicative of a struggling economy, causing prices to fluctuate and unemployment and poverty to rise. Nigeria’s economy, a so-called “mixed economy,” in which the market economy is at least partially regulated by the state, is not entirely in bad shape. The services sector, specifically telecommunications and finance, accounts for more than half of its GDP, and oil contributes significantly to the country’s state revenues.

“Because it got high.” To put it simply, as inflation rises, so do prices, and banks raise interest rates to cope and maintain their profit margins. Higher interest rates are frequently associated with increased unemployment. In some cases, rising prices can lead to more panicky spending and consumption among end users, resulting in debt and poverty. The extreme version of this is called hyperinflation. A rapid increase in prices that spirals out of control and causes widespread bankruptcies, devaluation of money, and, eventually, currency reform, among other things. But does that imply that lower inflation is preferable? Maybe, but only to a certain extent; the ECB, for example, aims to keep inflation at around two percent to keep the economy stable. However, as soon as we enter deflationary territory, things begin to look bleak again. To avoid uncertainty and rash actions, the best course is for inflation to remain stable.

Against this backdrop, it is prudent to urge our political leaders to address inflation.  This comes as Nigeria has recently experienced an unsettling rise in inflation rates, causing significant hardship in the lives of millions of citizens. As living costs rise, many Nigerians are finding it increasingly difficult to afford necessities such as food, housing, and transportation. Our political leaders must take decisive action to address this pressing issue, as the people’s well-being depends on how they respond to these economic challenges.

It is concerning because inflation, defined as the rate at which the general level of prices for goods and services rises, is eroding consumers’ purchasing power at an unprecedented rate with each passing day. In fact, the effects of inflation are being felt in every sector of the economy. This can be seen in basic commodities such as rice, beans, and cooking oil, where price increases have put a strain on household budgets, forcing families to make difficult choices between essential needs. Without sounding exaggerated in this context, the impact on the poorest segments of society is especially distressing; those who are already on the margins are being pushed even further into poverty.