Cuba: annual inflation at 25.19% in August with record increases in food prices

Year-on-year inflation in Cuba reached 25.19% in August, with a further price increase of 4.92% in the same month, according to official figures from the National Office of Statistics and Information (ONEI). These data coincide with the introduction of the 10,000 and 20,000 Cuban peso notes (the highest denominations issued so far) in a context characterized by erosion of purchasing power, shortages of goods and strong devaluation of the national currency.

The food and non-alcoholic drinks sector - a significant component of daily family spending - recorded an annual increase of 36.01%. The alcoholic beverages and tobacco category experienced an even more marked increase, equal to 37.18%.

Prices in the restaurant and hotel sector increased by 35.74% over the twelve months, while transport costs grew by 25.03%. Housing-related services also suffered increases, with an increase of 20.99%, as did furniture and household goods, which recorded growth of 20.03%. Finally, the education sector recorded an increase of 19.57%.