World Economy

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.