THE IMPACT OF INFLATION ON THE BUSINESS ENVIRONMENT
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- NGN 3000
ABSTRACT: THE IMPACT OF INFLATION ON THE BUSINESS ENVIRONMENT
This study aims to: 1) evaluate the effects of inflation on business costs; 2) analyze the impact of inflation on consumer purchasing power; and 3) assess the strategies businesses adopt to mitigate inflationary pressures. A survey research design is adopted for its ability to collect detailed data. Using Taro Yamane’s formula, the sample size of 340 businesses, including retail and manufacturing firms, is determined. Lagos, as a major economic center, is selected as the location. A reliability coefficient score of 0.87 confirms the survey’s reliability. Findings indicate that inflation significantly increases business costs and reduces consumer purchasing power, leading to lower sales volumes. Businesses adopt various strategies, such as cost-cutting measures and price adjustments, to mitigate these effects. The study recommends that businesses develop robust inflation management strategies and closely monitor economic indicators to proactively respond to inflationary trends.
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