Journal of Global Economics

Economic Recession, Inflation, Appropriate Pricing and the Need for Price Control in Nigeria

Abstract

Odion JO

This article examines the current impasse of inflation and extortionate prices of goods and services in the country. This article revealed that although the general impression given by suppliers of goods and services for the monumental increase in their prices is the current economic downturn in the country, this is actually a ruse. It is our contention in this paper that these businessmen have taken advantage of the prevailing situation to engage in product hoarding and extortionate pricing all in a bid to maximize profits and pass the buck to hapless consumers of their goods and services. It is the view of this author that in this extreme scenario, government intervention in the area of fair, reasonable and appropriate pricing of goods and services is imperative.