Inflation

bamgbalaot By bamgbalaot, 10th May 2015 | Follow this author | RSS Feed | Short URL http://nut.bz/3v97uwtz/
Posted in Wikinut>Money>Economics

The cause of high rate of inflation has been partly our own making. Only domestic economy measures can reduce the suffering of the citizens.

Reason For Inflation

Inflation is currently a worldwide phenomenon, worsen by the energy crisis and the world wide shortage of goods. It is also a fact that inflation in country is due to other varieties of factor prominent among which are the domestic agricultural and industrial output fall short of demand; and the hoarding of essential commodities by the businessmen and women.

Controlling Inflation

In curbing inflation, the bridging of the gap between the rich and the poor must be act-on. The government have to adopt economic measures that will give jobs to thousands of her unemployed citizens and also provide essential social services for them. Most of the citizens, live in the rural areas, so development programmes should be to benefit them.

Solution To Inflation

A government should put forward two major objectives in her budget: namely, to intensify the development of rural areas.
i) There should be a general and substantial reduction in import duties on commodities such as food items and raw materials for local industries.
ii) There should be an increase on duties of non-essential commodities consumed mainly by the big-wigs (rich).
Generally speaking, almost every item imported into the country should be considered as essential. Many citizens have reached the stage of consuming these items, and to them, they are essential. But if such citizens form less than one percent of the population of the country, such item should be considered non-essential and there should be high duties on them.

Tags

Budget, Citizen, Commodity, Economy, Government, Inflation, Money

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author avatar bamgbalaot
Industrial Chemist by Profession»Politician in Making»Love Doing Business»My goodies package

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