MADRID, Spain.- A few days before the end of 2022, Cuba is the country with the third highest inflation worldwide, according to a study by American economist Steve H. Hanke.
With an inflation of 175%, Cuba ranks third in the world, below only Venezuela and Zimbabwe, said the analyst from the renowned Johns Hopkins University.
#Cuba‘s economical death spiral just keeps spinning at high speed. Since the 1st of the year, the Cuban peso has depreciated against the USD by 59%, which
is why #Cuba takes the 3rd place in this week Hanke’s#CurrencyWatchlist. pic.twitter.com/L7Auh1PGu5—Steve Hanke (@steve_hanke) December 28, 2022
“Thanks to the communist regime, Cuba’s economic nightmare grows more terrifying every day. Today I measure inflation in Cuba at a punitive 141% per year”, said Hanke on the social network Twitter. Just as he explained that “the value of the Cuban peso is nowhere to be found.”
Thanks to the Communist regime, #Cuba‘s economic nightmare becomes mire frightening with each passing day. Today, I measure inflation in Cuba at a punishing 141%/yr. pic.twitter.com/4TJcngKkMQ
—Steve Hanke (@steve_hanke) December 28, 2022
“Since January 2022, the Cuban peso has lost 71% of its value against the US dollar. The communist regime has sunk the Cuban peso.” added.
The value of the Cuban peso is nowhere to be found. Since Jan 2022, the Cuban peso has lost 71% of its value against the USD. The Communist regime has TANKED the Cuban peso. pic.twitter.com/ENNLNuBEkz
—Steve Hanke (@steve_hanke) December 28, 2022
In the case of Venezuela, he pointed out that the inflation rates of the country governed by Nicolás Maduro reached 289%. While Zimbabwe presents an inflation of 394%.
Last August, Hanke had indicated that the island’s inflation rate was the second worst in the world, second only to Zimbabwe’s. “Economic collapse knows no limits in the communist paradise of Cuba,” he said on that occasion.
Recently, the Cuban economist Elijah Love He stressed that the current inflation, “which has its origin in the uncontrolled expansion of spending and the public deficit, since 2020, is one of the problems that Cubans encounter daily and reached, in the last two years, such a high level , which has become one of the most complicated elements to face because it affects the purchasing power of salaries and pensions, the only sources of wealth for the majority of the people”.
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