Rice reached 340 pesos per pound in May in Havana, providing further evidence of the rampant inflation that Cubans are suffering.
According to a price index published by the National Office of Statistics and Information (ONEI), the 340.90 pesos in Havana was the highest price reached by the product on the island last month.
The ONEI published an index of the price variations of rice during the month it reached its lowest price in Bayamo at 155 pesos per pound.
The significant fluctuations in prices (in Havana, the minimum price was 250 pesos) indicate a lack of regulation in a market driven by scarcity.
In May, in four provinces - La Habana, Guantánamo, Santa Clara, and Holguín - the price of a pound of rice exceeded 300 pesos. In only three provinces, Ciego de Ávila, Camagüey, and Bayamo, the minimum prices fell below 200 pesos.
Last Sunday, official media acknowledged that in Cienfuegos in recent days, a pound of rice was selling for 270 pesos (only 10 pesos less than the maximum price recorded by ONEI in May) and accused private sellers of price gouging.
Inflation in Cuba
The ONEI reported two weeks ago that the year-on-year inflation in the formal Cuban market stood at 16.43% in May, which represents the lowest level recorded since the beginning of the pandemic.
This figure, although significantly lower than the 31.11% reported in May 2024 – also according to official figures – is still considered high and strongly affects vulnerable sectors such as workers, retirees, and low-income families.
On a monthly basis, the consumer price index (CPI) showed an increase of 0.83%, while the year-to-date accumulated variation reached 7.45%.
The ONEI also highlighted that over 90% of Cuban incomes are allocated to cover the products and services included in the basic basket, which serves as the basis for calculating the CPI, although in reality it does not meet fundamental needs.
By sectors, the most pronounced increases were recorded in Alcoholic Beverages and Tobacco, with an alarming year-on-year rise of 119.79%.
They were followed by Restaurants and Hotels (23.62%), Miscellaneous Goods and Services (16.89%), Education (16.83%), and Housing-related Services (15.35%).
Only four categories showed increases below 10%: Recreation and culture (7.94%), Transport (5.54%), Health (0.83%), and Communications (0.46%).
According to official statistics, inflation has had a devastating cumulative effect: since 2020, prices have tripled, and the Consumer Price Index closed 2021 at 77%, then dropped to 39.07% in 2022, 31.34% in 2023, and 24.88% in 2024.
Among the products that exerted the most upward pressure on monthly prices in the "Food and Non-Alcoholic Beverages" category are rice, hen eggs, and pork.
These foods, essential in the average Cuban's diet, had a significant impact on the variation of the overall index, reflecting not only their weight in daily consumption but also the instability of their availability and price in the formal and informal markets.
However, public perception is that the actual inflation is much higher than what the authorities acknowledge.
Experts claim that the slowdown in inflation is not real
However, independent economists asserted this Saturday that the slowdown in inflation in Cuba is not real.
This trend is not due to an economic improvement, but rather to an adjustment for impoverishment, a phenomenon that reflects the drastic loss of purchasing power among the population, explains a report from the Observatory of Currencies and Finances of Cuba (OMFi).
The report from the observatory, an independent body affiliated with the media outlet elToque and composed of economist Pavel Vidal and developer Abraham Calás, states that in Cuba "the purchasing power of salaries and pensions has been practically annihilated by years of high inflation, without being offset by increases in income."
"It is the so-called 'inflation tax' that families relying on fixed incomes in Cuban pesos have paid," they add.
The report explains that impoverishment has caused certain key products to hit a price ceiling in the short term due to the inability to afford them.
"This does not mean that 'the supply conditions have improved, but rather that the limits of demand are determining price behavior,' the document warns."
Frequently Asked Questions about the Food Crisis and Inflation in Cuba
What is the current price of rice in Cuba?
In May 2025, the price of rice in Havana reached 340 pesos per pound, the highest recorded on the island during that month. In other provinces, such as Bayamo, prices ranged between 155 and 240 pesos per pound.
How does inflation in Cuba affect basic food items?
Inflation in Cuba has had a significant impact on the prices of basic foods such as rice, eggs, and pork. These products have seen considerable price increases, making them practically inaccessible for many families due to low incomes and high inflation.
What measures has the Cuban government taken to control rice prices?
The Cuban government has imposed price caps on rice, setting a maximum price of 155 pesos per pound in some provinces. However, these measures have led to issues such as the closure of sales points, as many merchants believe that these prices do not cover operational costs.
Why is the price of rice still rising in Cuba?
The price of rice continues to rise in Cuba due to various factors, such as the shortage of supplies and fuel, the reduction in national production, and the reliance on imports. These difficulties are exacerbated by disorganization in distribution and price control, which contributes to the increase in informal markets.
What has the Cuban government said about the current inflation?
The Cuban government has reported an annual inflation rate of 16.43% in the formal market for May 2025, which, according to official figures, is the lowest since the beginning of the pandemic. However, independent economists argue that this figure does not reflect reality, as the inflation experienced by citizens is much higher due to the drastic loss of purchasing power.
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