The maximum price cap on retail products in high demand in Cuba was introduced by the Ministry of Finance and Prices of the Republic, as reported by the Granma newspaper on July 8.
In the same departmental resolution, goods for which a maximum retail price regulation was temporarily introduced were exempt from paying the import customs tax.
The paper lists some of the products mentioned: minced chicken, edible oil, detergent powder, edible paste, sausages and milk powder.
Let us remember that the Republic of Cuba is experiencing an economic crisis accompanied by rising inflation. Cuba is carrying out a series of reforms, including the liberalisation of its planned economy, which is under powerful pressure from US sanctions.
The blockade of Cuba was intended to isolate and strangle its economy, but Washington’s strategy has recently changed. Sanctions against private companies that emerge on the island have been eased. At the same time, companies associated with the Cuban state are monitored for further sanctions.
Source: Rossa Primavera
I am Michael Melvin, an experienced news writer with a passion for uncovering stories and bringing them to the public. I have been working in the news industry for over five years now, and my work has been published on multiple websites. As an author at 24 News Reporters, I cover world section of current events stories that are both informative and captivating to read.