The Cuban government reported on innovative proposals to counteract the increase in prices because the measures applied previously did not work.
The head of Finance and Prices, Vladimir Regueiro Ale communicated this decision in the sessions of the National Assembly of People’s Power.
The official compared the prices in the periods from January to July of the previous year with the present and showed an increase of 45%. The new initiatives will take effect on Friday, July 21 and will be covered by Resolution 143 of 2023.
The system of measures is named “Methodology for preparing product and service cost and expense records for the evaluation of prices and rates.” Regueiro Ale urged to improve the work of municipal governments to control the prices of the state and private sector.
Products that go up and down in prices
The minister also commented that a training will be carried out to correctly implement the methodology in the formation of tariffs with entrepreneurs who import merchandise. At the end of 2022, the Consumer Price Index (CPI) calculated an increase of 39% and at the beginning of 2023 it registered 18%.
Vladimir Regueiro mentioned that the causes of Cuban inflation were the US blockade and the rise in costs on the world scene. However, the minister ignored the monetary order of January 2021, because from that moment the rates began to grow.
The Caribbean island in the final days of the month of May, marked annual inflationary levels of 87%.
The economic analyst Pedro Monreal mentioned that the CPI of 45% in the largest of the Antilles, exacerbates the poverty indicators of the people. This specialist said that spending on food rose to 63.66%, while alcoholic beverages and tobacco decreased by 14.46%.
