Cuba’s Official Year-on-Year Inflation Stood at 23 Percent in February

A Cuban woman paid 5 pesos a pound for potatoes in February, since  the price increased. (14ymedio)

14ymedio biggerEFE (via 14ymedio), Havana, 19 March 2022 — Year-on-year inflation rose 23.03% in Cuba in February, according to a statement from the National Office of Statistics and Information (Onei).

As official media reported this Friday, the increase in the consumer price index (CPI) compared to January was 0.90%, according to official data, which does not include the fluctuations experienced by the island’s extended informal market.

Thus, the inter-annual CPI in February, although high, is significantly lower than in January, which the National Office of Statistics and Information placed at 54.82%.

Accumulated inflation so far this year stands at 1.05%, when at the same point in 2021 it was at 45.65%.

By categories, recreation and culture rose 61.90% in inter-annual terms in February, followed by food and non-alcoholic beverages (41.87%), alcoholic beverages and tobacco (23.67%) and restaurants and hotels (14.72 %).

Only the prices in the health category registered reductions, falling by 10.36%, according to the same office.

Cuba is going through a serious economic crisis due to the combination of the pandemic, US sanctions and errors in national macroeconomic policy.

The situation is characterized by scarcity, the partial dollarization of the economy and a sharp increase in prices.

According to official figures, inflation in regulated commerce was around 70% in 2021 as a whole. Some estimates put the figure in the informal market at around 500%.


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