Annual inflation in Cuba rose to 28.44% in September — The Rio Times

In Cuba, annual inflation reached 28.44% in September, compared with 25.19% in August. Prices rose by 3.37% during the month and by 24.85% since the beginning of the year, The Rio Times reports, citing data from Cuba’s National Office of Statistics and Information (ONEI).

Food became the main driver of growth

Food products and non-alcoholic beverages accounted for 73.39% of the monthly increase in the price index. Powdered non-alcoholic drinks rose the most in September, by 17.73%, followed by sausages and hot dogs, by 11.72%, and pork, by 10.69%.

On an annual basis, food and non-alcoholic beverages rose by 42.66%. Prices in restaurants and hotels increased by 39.11%, while transport services rose by 24.80%.

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Wages in the state sector

ONEI estimates the average monthly wage of state-sector employees at 7,354 Cuban pesos. At the unofficial exchange rate of about 795 pesos per dollar, this is approximately $9.25. The highest average pay was recorded in construction, at 14,743 pesos, or about $18.54 at the unofficial exchange rate.

The unofficial exchange rate differs significantly from the official rates of Cuba’s central bank. According to the source, private and informal markets have become the main channel for supplying goods to millions of Cubans, so media outlets use this rate for calculations.

Fuel factor

According to OnCuba, as cited by The Rio Times, the price increase coincided with tighter US restrictions on fuel supplies to the island. Cuban authorities link the fuel shortage to US policy, but the cited statistics do not make it possible to determine what share of inflation is explained by this factor.