Thursday, May 19, 2016

Cuba Gov. Drops Price on Powdered Milk

Cuba Gov. Drops Price on Powdered Milk
May 17, 2016

HAVANA TIMES — In an effort "to gradually give more value" to Cuban
salaries, the government announced Monday it would drop the price of 0.5
kg of powdered milk by 9 percent to 2.65 CUC (around 3.00 usd).

An average Cuban professional can now purchase around four kilos of milk
with their entire monthly salary. The new price takes effect today.

The government, which has a monopoly on imports and retail sales at
supermarkets and other stores, also lowered some other prices in April
and said more price relief was on the way.

The price of children's shoes at the State stores also dropped by around
6% as of Tuesday.

Price mark-ups at the government stores are usually up to 240%. The
government traditionally justifies the high prices saying it uses the
profits to help fund its educational and health care programs.

The Ministry of Finances and Prices said the lower prices, "express the
political will of the Communist Party and government to benefit the
population, especially children and the elderly."

Source: Cuba Gov. Drops Price on Powdered Milk - Havana -

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