(EFE).- Year-on-year inflation in the formal market of Cuba stood at 45.48% in May, compared to 26.16% in the same month of 2022 and 45.36% in April, due to increases in food and restaurants, reported the National Office of Statistics and Information (Onei).
This organization does not include the evolution of prices in the most extensive and best-stocked informal market on the island, which is more prone to inflation due to its absolute lack of regulation and the severe shortage of basic products in the formal market.
For its part, the Consumer Price Index (CPI) increased by 3.64% in May compared to the previous month, Onei specified.
By categories, the interannual rise of Food and Non-Alcoholic Beverages (66.48%) stood out, followed by Restaurants and hotels (65.02%), Transportation (29.45%), Goods and miscellaneous services (22.78%) , Furniture and articles for the home (20.67%) and Education (20.89%).
The Consumer Price Index (CPI) increased by 3.64% in May compared to the previous month, Onei specified
Only in May, the prices of Transportation experienced a rise of 9.30%, followed by Food and Non-Alcoholic Beverages (3.59%) and Restaurants and Hotels (3.52%).
All categories experienced year-on-year price increases, many of them with double-digit rates, except for Alcoholic Beverages and Tobacco, which fell by 2.02%. The least inflationary were Health (2.25%) and Communications (0.48%), sectors controlled by state monopolies.
This strong price increase follows the one registered in 2021, when Onei estimated inflation at 77.33%, and the rebound of 39.07% of the Cuban formal market in 2022.
There are no data on the evolution of the Cuban informal market, where some basic product prices have doubled in the last 12 months. Some independent estimates put informal market inflation in 2021 at around 500%.
As Cuba imports 80% of what it consumes, according to UN estimates, the depreciation of the Cuban peso (CUP) is relevant in the inflationary spiral.
All categories experienced year-on-year price increases, many of them with double-digit rates, except for Alcoholic Beverages and Tobacco, which fell by 2.02%
In the last twelve months, the Cuban currency has gone from 113 CUP per dollar in the informal market to the current 200, according to the exchange rate prepared by the unofficial media The touch.
Cuba has been going through a serious economic crisis for more than two years, something that is evident in the shortage of basic products (such as food, medicine and fuel), the partial dollarization of the economy, a deep depreciation of the peso, prolonged and frequent blackouts and a sharp increase in prices.
The effects of the pandemic, the increase in US sanctions and errors in national macroeconomic policy are the main causes of this crisis, which is fueling migration -mainly to the US- and social discontent.
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