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Cuba: Prices of Household Goods Government Lowers
Cuban peso. Photo: Trabajadores
The Cuban government announced the lowering of a group of household products selling and hard-currency shops in an effort to increase the purchasing power of the local currency, the peso, and in tune with the report to the 7th Communist Party Congress, which reads the salaries and pensions are still low to meet the basic needs of Cuban families.

Though a final solution to this problem can only be achieved through the increase of productivity and efficiency, the government makes efforts to relieve the price situation in a short term.

With this in mind, the announcement establishes the lowering of prices for household products at hard-currency shops by some 20 percent in general.

These shops sell in a currency known as CUC, with an exchange rate at 25 to 1 Cuban peso or CUP, which is the national currency and in which Cubans earn their salaries amounting to an average 25 CUC a month for most of workers in the state sector.

Some of the products on the list of new prices include cooking oil, frozen chicken and turkey. Other measures aimed at lowering the prices of staples at state markets like chick beans and rice.

The high price of food is currently at the center of concern of the Cuban people, who enjoy a subsidized basic food basket every month with a limited variety of staples, and which they have to complement with products at state, private markets.

The announcement explains that other new measures will be progressively announced.

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