Official year-on-year inflation in Cuba stood at 23% in February

Official year-on-year inflation in Cuba stood at 23% in February

HAVANA, March 19   Year-on-year inflation rose 23.03% in Cuba in February, according to a statement from the National Office of Statistics and Information (ONEI).As official media collect this Friday, the increase in the consumer price index (CPI) compared to January was 0.90%, according to official data, which does not include the fluctuations experienced by the island’s extended informal market.

Thus, the interannual CPI in February, although high, is significantly lower than in January, when the ONEI placed at 54.82%.

Accumulated inflation so far this year stands at 1.05%, when at the same point in 2021 it was at 45.65%.

By categories, Recreation and culture rose 61.90% in year-on-year terms in February, followed by Food and non-alcoholic beverages (41.87%), Alcoholic beverages and tobacco (23.67%), and Restaurants and hotels (14.72 %).

Only the prices of the Health category registered reductions, which fell by 10.36%, according to ONEI.

Cuba is going through a serious economic crisis due to the combination of the pandemic, US sanctions and errors in national macroeconomic policy.

The situation is characterized by scarcity, the partial dollarization of the economy, and a sharp increase in prices.

According to official figures, inflation in regulated commerce was around 70% in 2021 as a whole. Some estimates put that in the informal market at around 500%.