Purchasing power of Cuban salaries reduced by half in past 2 years, will continue shrinking dramatically

From our Bureau of Highly Esteemed Socialist Utopias

Hyperinflation coupled with severe shortages in food, fuel, and other necessities have turned Castrogonia into a living hell, and there is no reprieve in sight. Unfortunately, with Castro, Inc. refusing to loosen its stranglehold on the country’s economy, daily life will become even more difficult for Cubans in the months ahead.

Loosely translated from Diario de Cuba

The salary that Cubans earn today is almost half the value it was two years ago, when the Government announced the so-called Ordering Task as a panacea for the country’s problems, an economic package that achieved the opposite effect of what was expected.

Cuban economist Pedro Monreal came to this conclusion after analyzing the latest official figures published by the National Office of Statistics and Information (ONEI), which in its summary on the average salary between January and December 2022 revealed the blow dealt by the official policies to the pocket of the Cuban.

“The economic package of the ‘order’, applied in January 2021, could have served as the scenario for a 39% reduction in Cuba’s ‘real’ average monthly salary until the end of 2022,” Monreal said in a thread on Twitter.

This, he pointed out, “would express a deep crisis of the purchasing power of Cuban households.”

But, taking into account that 39% is the figure offered by ONEI, warns the economist, that figure “depends on the inflation data used to make the adjustment, which in this case is based on the Economist Intelligence Unit (EIU) report ) of February 2023”.

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