Cuba's inflation rate rose to as much as 30 percent last year.
in Cuba the price of gasoline is going up by as much as 500 percent at the beginning of February. The price of a liter of regular gasoline is rising to more than 130 Cuban pesos, which at Tuesday's exchange rates means about five euros. The country suffers from deep inflation and lack of goods.
Cuba, a country of 11 million people, is going through one of the most difficult economic crises in history. It has been affected by the corona pandemic, the tightened sanctions of the United States and the structurally extremely weak economic situation of the country. Cuba's inflation rate rose to as much as 30 percent last year. According to experts, the figure is strongly defined in the lower corner.
According to official estimates, Cuba's economy will shrink by two percent in 2023. In addition to fuel, it is currently very difficult to obtain other commodities in the country. The Cuban administration, through which practically all consumer goods are distributed, already said in December that the price of gasoline must be increased.
Cuban Minister of Economy Alejandro Gil stated that the country needs to raise petrol prices, as the prices are already “the cheapest in the world”. The government has also stated that the price of electricity is going to be increased.
Minister of Energy Vicente de la O Levy stated that the high prices are aimed at curbing consumption spikes so that there is enough fuel and electricity for everyone. The situation also affects tourists. You can only pay for gas with foreign currency, which is also in short supply in the country. The peso has been devalued twice since 2021.
The average salary in Cuba is around 40 dollars, which corresponds to almost 40 euros in Finland.
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