CUBA has suffered 70 per cent, driven by painful economic reforms and costly imports, Economy and Planning Minister Alejandro Gil told the National Assembly, Bloomberg reports.
Mr Gil said the country had been planning for inflation of 60 per cent this year after it rolled out a raft of economic measures in January, including ending a two-tiered currency system and raising prices on key goods.
Even so, he said taming inflation is one of the 'main challenges' of 2022. In October, a government official said the economic reforms had led to price increases of as much as 6,900 per cent in the free market.
But Mr Gil called that interpretation 'erroneous', saying it was used as an example of how the Cuban peso might have devalued if the state-controlled economy had been 'linked' to the free economy.
Mr Gil also blamed inflation on US economic sanctions, which he said had resulted in having thousands of containers of undelivered merchandise stuck in international ports.
cuba saw rare outbursts of public protests earlier last year, in part fueled by economic hardship. As tourism dried up amid the pandemic, the economy shrank 11 per cent in 2020.
Mr Gil said the economy would grow four per cent in 2022 after expanding two per cent in 2021.
SeaNews Turkey
Mr Gil said the country had been planning for inflation of 60 per cent this year after it rolled out a raft of economic measures in January, including ending a two-tiered currency system and raising prices on key goods.
Even so, he said taming inflation is one of the 'main challenges' of 2022. In October, a government official said the economic reforms had led to price increases of as much as 6,900 per cent in the free market.
But Mr Gil called that interpretation 'erroneous', saying it was used as an example of how the Cuban peso might have devalued if the state-controlled economy had been 'linked' to the free economy.
Mr Gil also blamed inflation on US economic sanctions, which he said had resulted in having thousands of containers of undelivered merchandise stuck in international ports.
cuba saw rare outbursts of public protests earlier last year, in part fueled by economic hardship. As tourism dried up amid the pandemic, the economy shrank 11 per cent in 2020.
Mr Gil said the economy would grow four per cent in 2022 after expanding two per cent in 2021.
SeaNews Turkey
