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Cuba Cuts Some Food Prices

Cuba Cuts Some Food PricesCuba Cuts Some Food Prices

The Cuban government has announced that it is cutting prices of some basic foods by 20% in state-run stores, AP reported. The reductions taking effect Friday address widespread complaints that state employees earning about $25 a month cannot afford many staples, including rice and cooking oil. In an announcement on the state-run nightly news, the government said goods like chicken and cooking oil will be cut in stores that accept the convertible peso, a currency equivalent to the dollar. Those goods still remain out of reach for many Cubans. A liter of soy oil still costs nearly a tenth of the monthly salary. Staples like rice and beans available in Cuban pesos, worth 4 cents each, will also drop. Cuba says it is opening its state-controlled wholesale market to a limited number of private business owners in response to rising prices that have angered many ordinary Cubans.

 

Financialtribune.com