KEY POINTS
- Traders in Ogun State complains about poor patronage by customers as a result of increased prices.
- Depressing sales since goods become expensive beyond the buying power of consumers.
- Business people note losses and contraction in total sales revenue.
Business people in the Mowe and Ibafo Local Councils of Ogun State complained about the low circulation of products in the market due to the increasing prices of goods. Many traders report that inflation has eroded consumers’ purchasing power, leading to a significant reduction in sales.
Speaking to PUNCH Metro on Sunday, several traders shared their experiences. Ruth, a local shop owner, noted that the constant price hikes have caused customers to buy less. “Before the fuel price hike, we sold spaghetti for N900, but now it is between N1,000 and N1,050,” she said. These price changes, she explained, are coming directly from suppliers and have negatively impacted business.
Inflation hits traders hard as goods go unsold
Azeezat Aminu, a fish seller, also lamented the surge in commodity prices, stating that the cost of a carton of fish has skyrocketed from N6,800 to N43,800. This drastic increase has forced her to reduce her stock and sell fewer cartons. “I used to roast eight to 10 cartons of fish, but now I only do one or two,” she said, attributing the slow down to the economic challenges that customers face.
Acccording to The Punch, Many traders, like grocery store owner Sola Akinwunmi, have experienced products go unsold and even expire due to the decline in sales. While some suppliers have provided relief by exchanging expired goods, the overall outlook remains bleak as traders still record reduced turnover and financial losses.
