Inflation impacts Cuba's economy; Food costs rise in the face of US sanctions

The National Office of Statistics and Information (ONEI) confirmed in its most recent report that inflation in Cuba grew 1.6 percent in September compared to the previous month, in what experts consider “an acceleration in monthly terms.” In August 2022, year-on-year inflation was 34.1 percent. “Cuba closed September of this year with a Consumer Price Index (CPI) of 330.31,” reported the ONEI. Last August it would have been 325.12. “This figure extends the increasing trend, although it establishes a moderately lower value in the year-on-year comparison,” said economist Pedro Monreal. However, he pointed out that “throughout 2023 this value has remained above 37 percent.” The ONEI report reflects the average price variation of a basket of goods and services representative of consumption in a given period, but does not measure buying and selling prices in the informal market, which are less stable and notably higher. Experts say that “the largest price increases, many speculative, ...