The Minister of Finance and Prices of Cuba, Vladimir Regueiro Ale, reported that 1,079 control actions have been carried out throughout the country to ensure compliance with the temporary regulation of maximum retail prices for high-demand products imported by economic actors.
According to information According to the Cuban News Agency, these inspections led to the imposition of fines and warnings to those responsible for 393 violations.
The head of the MFP explained to the state press that the entry into force of Resolution 225/2024 last Monday is a first step to contain inflation. The regulation also establishes a maximum profit margin of 30% on costs and expenses for all forms of management.
According to the resolution, the maximum price for cut chicken will be 680 pesos per kilogram (kg), for edible oils (except olive oil) will be 990 pesos per liter, powdered milk will cost 1,675 pesos per kg, pasta 835 pesos per kg, sausages 1,045 pesos per kg and powdered detergent 630 pesos per kg.
Price caps continue to be news in Cuba
Regueiro Ale acknowledged that these prices remain high, especially for the lower-income population, such as retirees and people protected by Social Security.
However, he stressed that these products have experienced sustained price growth in recent months, and the new resolution seeks to curb this trend. He clarified that these prices will not be static.
The minister also pointed out that local governments have the power to set price limits for sales by SMEs, self-employed workers and other forms of management, and where prices are lower than those approved centrally, they should not be increased.
As is known, the regulation also exempts people who import these six products from paying tariffs at Cuban Customs, in order to promote cost reduction.
The Cuban Ministry of Finance and Prices has asked the population to report price violations.
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