{"id":301337,"date":"2024-05-02T18:16:54","date_gmt":"2024-05-02T22:16:54","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=301337"},"modified":"2024-05-02T18:16:54","modified_gmt":"2024-05-02T22:16:54","slug":"inflation-hits-purchasing-power-of-state-salaries-onei-confirms","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/economy\/cuban-economy\/inflation-hits-purchasing-power-of-state-salaries-onei-confirms\/","title":{"rendered":"Inflation hits purchasing power of state salaries, ONEI confirms"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The purchasing power of Cuba\u2019s almost three million state employees fell 21 percentage points in 2023 compared to the previous year, according to official figures published this Tuesday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to the <\/span><a href=\"https:\/\/www.onei.gob.cu\/salario-medio-en-cifras-cuba-2023-0\" target=\"_blank\" rel=\"noopener\"><b>annual salary report<\/b><\/a><span style=\"font-weight: 400;\"> of the National Office of Statistics and Information (ONEI), the average state salary in 2023 was 4,648 Cuban pesos (38.7 dollars, at the official exchange rate), which represents an annual increase of a little more than 10%.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In comparison, the year-on-year inflation of the formal market stood at 31.34% at the end of 2023, according to data from this same state agency previously released.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">According to independent experts, this value does not include the increase in prices in the majority \u2014 and best-supplied \u2014 informal market on the island, where inflation could reach three digits.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"fggsDCmBwk\"><p><a href=\"https:\/\/oncubanews.com\/en\/cuba\/economy\/cuban-government-plans-to-resize-exchange-market-in-february\/\">Cuban government plans to \u201cresize\u201d exchange market in February<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Cuban government plans to \u201cresize\u201d exchange market in February&#8221; &#8212; OnCubaNews English\" src=\"https:\/\/oncubanews.com\/en\/cuba\/economy\/cuban-government-plans-to-resize-exchange-market-in-february\/embed\/#?secret=lS8vtlVsak#?secret=fggsDCmBwk\" data-secret=\"fggsDCmBwk\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">As a reference, in private stores in Havana, the price of a carton of 30 eggs costs up to 3,500 pesos ($29.16, at the official exchange rate), depending on availability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The mining and quarrying sector was the one that registered the highest average income, with a monthly salary of 7,717 (64 dollars) while the lowest was that of commerce and repair of personal effects, with 3,760 pesos (31.33 dollars).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the case of health and education workers, the average salary in 2023 was only 4,222 pesos (35.18 dollars) and 3,932 pesos (32.76 dollars), respectively.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The ONEI report also reported on salary differences depending on the province.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Havana, for example, recorded the highest monthly income, with an average of 5,354 pesos (44.6 dollars), very distant from the eastern provinces of Granma (3,931 pesos, 32.75 dollars), Santiago de Cuba (3,961 pesos, $33) and Las Tunas (4,031, $33.59).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The year-on-year inflation in Cuba\u2019s formal market stood at 33.17% in March, somewhat above those in February (32.08%) and January (31.69%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The largest year-on-year increase by category was that of transportation (47.95%), an increase that coincided with the entry into force of the increase in fuel prices by 400%, the spearhead of an adjustment plan by the Cuban government.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"r4CMcO4UbG\"><p><a href=\"https:\/\/oncubanews.com\/en\/cuba\/economy\/cuban-economy\/cuban-government-to-raise-fuel-prices-and-warns-it-will-subsidize-people-and-not-products\/\">Cuban government to raise fuel prices and warns it will subsidize people and not products<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Cuban government to raise fuel prices and warns it will subsidize people and not products&#8221; &#8212; OnCubaNews English\" src=\"https:\/\/oncubanews.com\/en\/cuba\/economy\/cuban-economy\/cuban-government-to-raise-fuel-prices-and-warns-it-will-subsidize-people-and-not-products\/embed\/#?secret=t7RonCQerg#?secret=r4CMcO4UbG\" data-secret=\"r4CMcO4UbG\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">The pandemic, the tightening of U.S. sanctions and errors in national economic and monetary policy have aggravated the chronic problems of the Cuban economy in the last four years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The situation is characterized by a shortage of basic products, partial dollarization of the economy and a sharp price increase.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>While the average salary of state workers grew by a little more than 10% in 2023, the year-on-year inflation of the formal market stood at 31.34% at the end of last year, a difference of around 21 percentage points.<\/p>\n","protected":false},"author":3134,"featured_media":301339,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13904],"tags":[14993,19256,34599],"ppma_author":[17270],"class_list":["post-301337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cuban-economy","tag-average-wage-in-cuba","tag-featured","tag-inflation-in-cuba"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Inflation hits purchasing power of state salaries, ONEI confirms | OnCubaNews English<\/title>\n<meta name=\"description\" content=\"While the average salary of state workers grew by a little more than 10% in 2023, the year-on-year inflation of the formal market stood at 31.34% at the end of last year, a difference of around 21 percentage 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