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NewsInflation in Cuba in 2021 will exceed 70%

Inflation in Cuba in 2021 will exceed 70%

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Petar Gramatikov
Petar Gramatikovhttps://europeantimes.news
Dr. Petar Gramatikov is the Editor in Chief and Director of The European Times. He is a member of the Union of Bulgarian Reporters. Dr. Gramatikov has more than 20 years of Academic experience in different institutions for higher education in Bulgaria. He also examined lectures, related to theoretical problems involved in the application of international law in religious law where a special focus has been given to the legal framework of New Religious Movements, freedom of religion and self-determination, and State-Church relations for plural-ethnic states. In addition to his professional and academic experience, Dr. Gramatikov has more than 10 years Media experience where he hold a positions as Editor of a tourism quarterly periodical “Club Orpheus” magazine – “ORPHEUS CLUB Wellness” PLC, Plovdiv; Consultant and author of religious lectures for the specialized rubric for deaf people at the Bulgarian National Television and has been Accredited as a journalist from “Help the Needy” Public Newspaper at the United Nations Office in Geneva, Switzerland.

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By the end of the year, the average monthly salary will reach about 163 dollars

The increase in consumer prices in Cuba in 2021 will reach 70 percent, said Minister of Economy Alejandro Hill, quoted by AFP.

“Obviously, we will end up with an inflation rate above 70 percent,” the minister said, presenting his report to parliament. He explained that the increase was largely due to the fact that since January the government has raised prices by 44 percent reform, which in turn led to a significant increase in wages.

In January, the minimum wage was fixed at 2,100 pesos ($ 87) a month, and by the end of the year, the average monthly salary will reach 3,934 pesos (about $ 163).

According to Hill, inflation is due to external factors: the KOVID-19 pandemic and the strengthening of the US economic embargo under President Donald Trump, which is maintained under his successor Joe Biden.

The Minister of Economy noted that the gross domestic product in 2022 is expected to grow by 4 percent due to the gradual recovery of the economy led by the tourism sector, which is a driving force for the island’s economy.

This year, GDP has increased by 2 percent, much less than the authorities expected at the beginning of the year 6 percent. Alejandro Hill said this was mainly due to the “strengthening of the blockade”. At the same time, he acknowledged that some aspects of the reform need to be adjusted.

The consequences of this reform were one of the factors that led to the historic protests on July 11, when people took to the streets of about 50 Cuban cities, chanting “We are hungry!” and “Freedom!”

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