Cuba Announces New prices for Highly Demanded Farm Products

The Ministry of Finance and Prices of Cuba today confirmed a new package of measures for the regulation of the marketing of agricultural products in the domestic market

In a press release, the Ministry of Finance and Prices stresses that in order to provide greater purchasing to the Cuban peso, a series of measures were taken to increase the stockpiling of high-demand agricultural products and their marketing to the population to the established maximum prices.

The note remembers that the Main Report of the Seventh Congress of the Cuban Communist Party states that “While we understand that the main factor in the rise in prices lies in a level of production that does not satisfy the demand. The progress in this area is conditioned by objective and subjective factors; we cannot be quiet to the irritation of citizens due to the unscrupulous management of prices by intermediaries who only think about earning more and more.”

The document states that prior to those decisions, the Ministry of Agriculture has deployed a process of discussion with producers, marketers and the business system.

Those measures, states the note, are a protection to the consumer and agricultural producers, as it ensures stability in price levels.

Those measures will take effect as of today, May 3. The resolutions 157 and 162-C/2016, of the Ministry of Finance and Prices, have been published at the Official Gazette of the Republic of Cuba.

They provide, among other aspects, maximum sales prices to the population of selected agricultural products, corresponding to first-quality products, in accordance with the current regulations. The second-quality products will have a discount of 20 percent and third-quality products a 40 percent.