2024-02-18 03:41:08
The price of beans fell for the first time in months this January after an end to the year with dizzying increases. This is reflected in the official data on the consumer price index (CPI) for January, published this Wednesday by the National Office of Statistics and Information (Onei). The black price fell by 4.77% and the red price by 5.40% in the first month of the year, but in practice, and due to the sharp increase in prices in 2023, Cubans are paying more than double what they did a year ago.
According to the records of 14 intervenethis Tuesday the pound of red beans cost 400 pesos in the Calzada de Cienfuegos market, while the black ones were at 380, 110% and 123% more, respectively, than exactly a year ago when they were at 190 and 170 pesos.
This despite the fact that the product is one of the few that can boast of having become cheaper, because the CPI for food rose 3.37% in the first month of the year, and it is the item that is growing the most, after several months in those that restaurants and transportation beat. The prices of these two segments both increased by 2.13%, leaving general inflation for January at 2.59% and year-on-year at 31.69%.
According to their calculations, in addition, the interannual inflation of the informal market stands at 78%, almost 47 points above the official exchange rate.
Although the year-on-year figure for January 2023 was much higher (42.08%), the figures are very high and continue to accumulate, a fatal combination that is combined with the collapse in the value of the Cuban peso. According to the index by American economist Steve Hanke, published this Wednesday, the national currency has lost 41.9% of its value against the dollar since January 1, 2023 and worsens in the world ranking, being the tenth most depreciated. after having achieved 12th place in January. According to his calculations, in addition, the interannual inflation of the informal market stands at 78%, almost 47 points above the official exchange rate.
Among the foods whose price increased the most, according to Onei, is pork again, with 5.6%, although garlic took the cake in January, which rose 7.2%. The list also includes different flours (6.04%), cheese (5.06%) and eggs (1.6%), while rice, another basic grain in the diet, drops a tiny 0.1%. Cuban.
The transportation division deserves attention. On the verge of an official rate increase that, for the moment, is paralyzed, price increases have occurred considerably in all types of vehicles, especially the intercity taxi, with 7.45%. This is followed by other types of interurban transport (6.4%), car repair services (4.8%), urban taxis and pedicabs (4.04%) and urban transport in other means (0.95%).
As for restaurants and hotels, a category that encompasses food outside the home, its constant rise is moderating, but it continues to be one of the most expensive items, as a result of food shortages, as demonstrated by the fact that Its interannual variation is the highest of all, with 43.2%. In January, the increase was 2.44% for snacks, 2.23% for breakfast, 2.03% for lunch, 2.01% for take-out preparations and 2.28% for soft drinks.
In the list of selected goods with the greatest monthly variation, two linked to the home appear again in very different situations. The dishwasher went down, very barely (0.09%), and disposable diapers rose, directly to the first position due to the month’s increase, by 10.35%. Five years have passed since a Vietnamese factory was inaugurated in Mariel that would solve the problem with this product and the failure could not be greater, since its sale has been regulated, its price increases and in the informal market a package is sold between 2,000 and 3,000 pesos.
The dishwasher went down, very barely (0.09%), and disposable diapers rose, directly to the first position due to the month’s increase, by 10.35%.
As for the rest, all the sections rose slightly this month, although if you go to the annual detail you find big differences and you can see how these small increases month by month end up representing a significant accumulation at the end of the year. In 2023, goods and services became more expensive, 23.9%; education, 20.8%; housing services, 20.3%; furniture and household items, 15.2%; recreation and culture, 9.8%; clothing 6.15%, health 1% and communications, 0.5%.
Tobacco and alcoholic beverages, for their part, rose again (1.89% this month) and although they are still negative for interannual inflation (-10.8%), they are no longer at the -17% they were before. It remains to be seen the impact that the increase in tariffs on imports of both products, whose prices tripled at the end of January, has in this section.
As for the rest, all sections rose this month. Goods and services became more expensive, 1.79%; education, 1.79%; housing services, 1.42%; furniture and household items, 1.12%; recreation and culture, 0.49%; clothing 0.42%, health 0.27% and communications, 0.06%. Of all of them, it is striking that, with minimal increases month after month, the price of one of the regime’s supposed strengths, Education, has increased by 21.57% in one year.
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