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Cuba. The inflation rate has reached 900%. Kubaczykw can’t buy basic products

Cuba.  The inflation rate has reached 900%.  Kubaczykw can't buy basic products

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Cubans have to wonder every day not only if they will be able to get basic products like milk, rice or beans, but also how much they will have to pay for them that day – as Reuters explains. The problem is not only the availability of goods, but also the rampant availability economic inflation.

The dire state of the economy, dependence on imports and shortage of goods has led to a situation where an increasing proportion of goods are sold in convertible currencies such as US dollars. However, pesos cannot be officially converted into dollars, which leads to the development of a black market for foreign exchange – and there a path grow.

Thus, Cubans have to pay more and more for food and other necessities. Not many of them are even sold for a peso.

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Cuba. Up to 900 percent economic inflation

According to what was reported by Reuters Cuban Economist Pavli Vidal, economic inflation is currently between 500 and 900 percent on an annual basis.

The Cuban authorities blame the deteriorating state of the economy on US sanctions, which were tightened during the presidency of Donald Trump. Moreover, a pandemic COVID-19 hit the industry tourism Foreigner is an important source of income. According to the Cuban authorities, it is reported that the local economy has lost nine billion dollars due to sanctions and the epidemic dollar. Since the beginning of the US economic embargo by President John F. Kennedy, economic losses have amounted to $754 billion.

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On the other hand, independent experts point out the ineffectiveness of the state-controlled economy. The authorities raised wages and subsidized some products to reduce the effects of the devaluation of the peso. However, in practice, this does not help a large percentage of citizens.

Citizens quoted by the agency give an example: The government sells LED bulbs for 30 pesos – but it’s not available in government stores. You can buy it on the black market, but the cost is between 400-500 pesos. The most common salary is around 4,400 pesos per month.

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