{"id":245374,"date":"2021-11-02T16:11:20","date_gmt":"2021-11-02T20:11:20","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=245374"},"modified":"2021-11-02T16:11:20","modified_gmt":"2021-11-02T20:11:20","slug":"cuban-government-recognizes-6900-inflation-in-informal-market","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/cuban-government-recognizes-6900-inflation-in-informal-market\/","title":{"rendered":"Cuban government recognizes 6,900% inflation in informal market"},"content":{"rendered":"

The Cuban government recognized that the economic reform known as <\/span>Task of Reorganization<\/span><\/a> has caused inflation of 60% in retail <\/span>prices<\/span><\/a> in shops and 6,900% in the informal market, an issue generating discomfort among the population.<\/span><\/p>\n

The \u201creorganization,\u201d implemented since January despite the pandemic, went through a monetary and exchange unification, an increase in prices, <\/span>wages<\/span><\/a> and the reduction of subsidies, and a consequent devaluation of the Cuban peso (CUP), which has triggered the inflation in the black market, rising due to the shortage of products.<\/span><\/p>\n

Ten months later, \u201cthat 60% does not match what people are living. People are living prices that are seven, ten times higher,\u201d admitted Cuban deputy Marino Murillo in the recent session of the National Assembly.<\/span><\/p>\n

Murillo, in charge of implementing the economic measures announced a decade ago by former President Ra\u00fal Castro, now explained that this data is based on state prices, \u201cbut when the levels of the informal market are added, inflation would be much higher,\u201d of 6,900 %.<\/span><\/p>\n

La inflaci\u00f3n: una espada de Damocles<\/a><\/p><\/blockquote>\n