The index that experienced the greatest price increase was that of alcoholic beverages and tobacco, with 48.6%.
EFE (via 14ymedio), Havana, 1 November 2024 — The annual inflation rate in Cuba’s official market was 29.05% in September, the lowest value in years and the first time it has fallen below the 30% threshold, the National Office of Statistics and Information (ONEI) reported on Friday. The increase in prices has marked a slight downward trend so far this year, according to official data, but continues at rates that harm the economy as a whole, and especially families, workers and retirees.
In fact, Cubans spend 90% of their income on the basic basket of goods that Onei uses to compile its price index. The social perception on the island is that inflation is much higher than the official figures, where it is difficult to include in a representative way the movements of the country’s extensive black market, which is more varied and dynamic.
In comparison, 2021 closed with an annual inflation rate above 77% and since then it had mainly fluctuated between 30% and 40%. The change in the consumer price index (CPI) compared to August was 0.76% (compared to 0.42% in the same month of the previous year) and so far this year it stands at 20.05% (compared to 19.28% in the same period of 2023).
Broken down, the largest year-on-year increase in prices occurred in alcoholic beverages and tobacco (48.61%), followed by food and non-alcoholic beverages (33.67%), restaurants and hotels (32.65%) and transport (30.98%).
As is usually the case in these reports, all categories experienced year-on-year increases of over 10% except for recreation and culture (9.60%), communications (0.73%) and health (0.70%).
Cuba has been mired in a serious economic crisis for four years, which is reflected in shortages of basic products (food, medicine and fuel), rampant inflation, increasing dollarization and frequent power outages.
The combination of the Covid-19 pandemic and failed national economic and monetary policies have aggravated structural problems in the economy.
The situation has caused despair and widespread social discontent, which has resulted in protests and a wave of migration unprecedented in scale and duration.
____________
COLLABORATE WITH OUR WORK: The 14ymedio team is committed to practicing serious journalism that reflects Cuba’s reality in all its depth. Thank you for joining us on this long journey. We invite you to continue supporting us by becoming a member of 14ymedio now. Together we can continue transforming journalism in Cuba.
