The new year is history, and with that, our realistic resolutions, which our past optimistic self had very optimistically made. These resolutions may include becoming healthier? a better person. saving money? or being the top dog in the hierarchy... However, things can't always be so easy, so we can collectively welcome… Inflation!
I was watching a viral video (https://youtu.be/s4EocaJUkGw) from a Japanese news network, exhibiting +penguins at the “Hakone-en Aquarium”. The penguins are seen refusing to eat just because it was cheaper fish in comparison to the ambrosial one’s they’re normally given. However, unlike Skipper, from the movie Madagascar, these penguins can't subsist on an alternative diet of cheesy dibbles and have to eat what they're given. or I guess not?
Some may think these penguins are way too spoiled, but to be honest, would you not do the same if you were a penguin? Wouldn't you? I know I would.
Aquarium head Hiroki Shimamoto confessed, “They sense something is off.” He also said that in addition to cheaper food, some pieces of equipment are being shut down in order to cut down on costs.
This is the fish I am trying to fry, inflation, which has gripped us all, including Japan. Inflation in Japan has increased by 2.1% in one year, which is abundant to affect the aquarium's budget. They have also been dealing with their currency being weakened, as the Yen hit a 24-year low against the infamous US dollar.
Now, What is this inflation?
Inflation refers to the rate of an overall increase in prices over a given period of time. It is typically measured in broad to understand, such as the overall increase in prices of a certain category of goods or the increase in the cost of living. So it works silently and affects us all.
Causes of inflation
There are two main causes of inflation. Demand-pull and Cost-Push. Both are responsible for a general rise in prices in an economy, but each work differently to affect prices.
Demand-Pull is the most common. It occurs when the demand for goods and services is so high that production can’t keep up, resulting in higher prices.
Cost-Push, However, occurs when overall costs increase (inflation) due to increases in the cost of wages and raw materials.
What does inflation mean for different groups of people?
The impact of inflation means the money you have at the beginning of the year will get you lesser goods and services at the end of the year than it may have previously.
This could be extremely stressful for many groups of individuals.
One such group is seniors who have to live within the pensions or savings or social security they get monthly which can be limited. They also cannot add to their earnings.
Inflation badly affects those with minimum-wage jobs or those with low salaries. In countries like Sudan and Lebanon, where inflation has been rising, the mundane lives of people have been interrupted due to the loss of the ability to purchase basic needs.
Let us not forget university students. High inflation raises the costs of students' necessities, such as housing, food, and transportation making it more important for students to spend less and earn more where possible. However, this is unattainable for most students.
This is one blog where I must confess to the lack of a silver lining. So although inflation affects many, you should know the penguins still got their way. However, for us, this means creating budgets and being more mindful of expenditures, as we don't have the same pretty privilege as the animal kingdom.
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