The rise in prices in Cuba is not only the daily life of private businesses (MSMEs). The state sector also plays a leading role in the excessive increase in inflation rates on the Island.
The new price increase has now reached natural and traditional medicine products.
Just this Friday it was published in official Gazette the regulations signed by the Ministry of Finance and Prices.
According to the document, the most affordable thing for the average Cuban will be a 120 milliliter (ml) bottle of aqueous aloe vera extract. That and an oregano syrup will cost $7.00 CUP.
Meanwhile, the placenta shampoo, 200 ml, will cost $93.00 CUP. A bottle of dried moringa leaf powder will cost $65.00 CUP and homeopathic drops of different types will cost $43.00 CUP.
Raise prices to achieve sustainability
This is the maximum of the current rate increase in all areas of the country. According to the Minister of Finance and Prices, “it is not possible to mobilize all the financial and technical resources for the sustainability of the program.”
The owner, Vladimir Regueiro Ale, said that “one of the objectives of this measure is to make it sustainable. This will be possible once the expenses incurred by the activity are covered, with the updated prices.”
The finance expert said, as if that were not enough, that Cuba spends about $1.07 billion pesos annually to cover the real costs of production. Here, the low prices at which products derived from natural and traditional medicine are sold are taken into account.
“Retail marketing prices have not had an update of their costs and expenses since the Ordering Task.
This makes it unsustainable to maintain production under these conditions, especially due to the increase in the price of plant mass, as well as imported chemical components,” said Ale.
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