News and Facts about Cuba

Cuban Government Announces New Set of Price Reductions

Cuban Government Announces New Set of Price Reductions / 14ymedio

14ymedio, 17 May 2016 – The Cuban government has published an “official
note” announcing price reductions for products sold in Cuban convertible
pesos (CUC) which will go into effect on Tuesday. The measure is aimed
at “gradually increasing the purchasing power of the Cuban pesos (CUP),”
explained the Ministry of Finances and Prices in the announcement read
on primetime television news this Monday.

Among the products that will benefit from the reductions is powdered
milk, the price of which was reduced by 9%, and liquid milk which was
reduced by 20%.

“Powdered milk in half-kilo tri-laminate bags is reduced from 2.90 CUC
to 2.65 CUC [the average monthly wage in Cuba is the equivalent of about
20-25 CUC]. The same product, in a half-kilo lithographed nylon bag is
2.55 CUC,” the note offered as an example.

The decision includes offering some items wholesale in several stores of
the government-run chains TRD-Caribe and CIMEX, which already sell
chicken in large boxes. Starting now, milk will also be added to this
with “powdered milk in a 25 kilo sack for 119.85 CUC.”

The drop in prices will include “custards, jellies, grain , dried
and canned goods (meat, seafood, fruit and vegetables) between 25%
and 30%,” the note detailed.

In addition, children’s footwear will be reduced approximately 6%, a
decision the government defines as part of “the societal strategies to
address the effects of the current demographic dynamics.”

In late April, the government announced a reduction in the prices of
various foods and other commodities sold in stores in convertible pesos
(CUC) and national currency (CUP). The move came at a time of growing
popular disconnect in the rising cost of living and shortages.

Source: Cuban Government Announces New Set of Price Reductions /
14ymedio – Translating Cuba –
translatingcuba.com/cuban-government-announces-new-set-of-price-reductions-14ymedio/

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