Government on inflation in Cuba: "Prices continue to rise but at a slower pace"

The Cuban regime asserted this Wednesday that the state of the economy "continues to be very tense," but "prices continue to grow at a slower pace."

The monthly inflation showed a slight deceleration in April: from 4.07 in March to 2.13. "Compared to March 2023, the annual inflation, which reached 46.4%, has been decelerating," said the newly appointed Minister of Economy and Planning, Joaquín Alonso Vázquez, during a meeting of the Council of Ministers.

The official clarified that this result does not mean that prices decrease: "They continue to grow, but at a slower pace."

Optimistically, the regime assures that the situation of the Cuban economy at the end of April remains very tense, although in certain indicators such as the price of nickel, coal, mechanized tobacco, and medical services, "improvements" are observed.

However, the meeting did not address strategies to "continue slowing down" inflation that affects Cuban families, whose minimum wage barely covers the cost of a carton of eggs or two kilograms of chicken.

In the month analyzed by the Cuban ministers, April, official inflation in Cuba exceeded 2%, especially influenced by the price of food, reported Cuban economist Pedro Monreal in May, based on the data published by the government through its statistics office ONEI.

The expert explained in a thread on X that "despite the moderation of Cuba's official monthly inflation in April, it exceeded 2%, a level that has been surpassed in 12 of the last 16 months."

Although the greatest monthly price increase was recorded in "alcoholic beverages and tobacco" and "transportation," associated with government economic decisions, the greatest impact on overall inflation was concentrated in food (commerce and gastronomy).

Monreal points out that during the first four months of the year, the increase in the price of pork had the greatest effect on the "food and non-alcoholic beverages" division, showing that the failure of agricultural policy makes a crucial source of domestically sourced protein more expensive.

In summary, it was food that accounted for almost three quarters of the price increase in April, the economist explained.