A pound of beans is sold for 350 pesos in the informal market in Cienfuegos and the pound of rice for 270, another example of the inflation that affects the average Cuban.
The figures correspond to 123 and 174 times the regulated price set by the State, acknowledged by an article from the local official press.
Similarly, the oil is sold for “1250 pesos and the cut chicken for 781 pesos per kilogram (3600 pesos for the package of 10 pounds) 320 times and 126 times respectively, the price regulated by the Ministry of Finance and Prices in 2025,” the information adds.
The prices were noted by the official journalist Andrés Martínez Ravelo in Cienfuegos over the past few days.
Martínez Ravelo's article blames inflation on "the sellers" who "prefer to maintain speculative prices, ignoring real demand and selfishly allowing goods to spoil rather than adjusting them to their correct value."
Additionally, it urges the regime to regulate the market "through price controls or by offering strategic products in the State market."
"It can also be done indirectly through subsidies and aid to support certain sectors or through taxes and tariffs to stimulate or discourage certain activities, among other options," he adds.
The article, published in the newspaper 5 de Septiembre, criminalizes vendors and cart peddlers whom it accuses of selling at “speculative prices.”
The logic of the official journalist excludes the government from the equation and seems to overlook the agricultural crisis and the resulting food shortages that Cuban society is experiencing.
Inflation in Cuba
The National Office of Statistics and Information (ONEI) recently reported that the year-on-year inflation in the formal Cuban market reached 16.43% in May, which is the lowest level recorded since the onset of the pandemic.
This figure, although significantly lower than the 31.11% reported in May 2024 – according to official data – is still considered high and strongly impacts vulnerable sectors such as workers, retirees, and low-income families.
On a monthly basis, the consumer price index (CPI) registered an increase of 0.83%, while the year-to-date variation reached 7.45%.
The ONEI also highlighted that more than 90% of Cuban incomes are allocated to cover the products and services included in the basic basket, which serves as the basis for the calculation of the CPI, although in reality it does not meet fundamental needs.
By sectors, the most significant increases were recorded in Alcoholic Beverages and Tobacco, with an alarming year-on-year rate of 119.79%.
Restaurants and Hotels followed (23.62%), Various 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%), Transportation (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 fell 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" division are rice, hen's eggs, and pork.
These foods, essential in the diet of the average Cuban, 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 market.
However, the public perception is that the real inflation is much higher than what is acknowledged by the authorities.
Experts assert that the slowdown in inflation is not genuine
However, independent economists stated this Saturday that the slowdown in inflation in Cuba is not genuine.
This trend is not due to an economic improvement, but rather to an adjustment resulting from impoverishment, a phenomenon that reflects the drastic loss of purchasing power among the population, explains a report from the Observatory of Currencies and Finance of Cuba (OMFi).
The report from the observatory, an independent organization associated with the media outlet elToque and comprised 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 compensated by increases in income.”
"It is the so-called 'inflation tax' that families dependent on fixed incomes in Cuban pesos have been paying," they add.
The report states that impoverishment has caused certain key products to reach 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 playing a decisive role in the behavior of prices,' the document warns."
Frequently Asked Questions about Inflation and Prices in Cuba
Why does a pound of beans in Cienfuegos cost up to 350 pesos?
The pound of beans is sold for 350 pesos in the informal market in Cienfuegos due to inflation affecting the country and the scarcity of basic products in the state market. This situation is exacerbated by the lack of supplies and the agricultural crisis, which forces Cubans to turn to the black market where prices are much higher.
How is inflation affecting food prices in Cuba?
Inflation has caused the prices of basic foods such as rice, beans, and chicken to soar, making it difficult for the majority of the population to access these products. Shortages and unavailability, along with the lack of effective government control over the informal market, have exacerbated this issue.
What measures has the Cuban government taken to control inflation?
The Cuban government has imposed price caps on certain products such as rice and beans, attempting to control inflation. However, these measures have not had the desired effect, as prices in the informal market remain significantly higher than those officially set, and shortages persist.
What do experts think about the inflation situation in Cuba?
Independent experts assert that the slowdown in inflation is not genuine and does not reflect an economic improvement. In fact, it is due to an adjustment from impoverishment, where the loss of purchasing power restricts the ability of Cubans to buy basic products, which indirectly curbs a further increase in prices.
Filed under:
