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Cuba will regulate prices to curb inflation

Havana, Jul 3 (Prensa Latina) Cuba's Finance Ministry plans to regulate prices of basic products for the population in order to contain the current inflation, Granma newspaper reported on Wednesday.

Minister of Finance and Prices (MFP) Lourdes Rodriguez confirmed to reporters that a resolution to regulate maximum prices for the imports of basic food is under study.

Although the regulation, to be implemented soon, will not establish the price levels to which one might aspire, it will at least limit the rate of growth of food expenses incurred by Cuban families, the publication added.

In line with the government’s projections, Rodriguez said that the legal instrument under analysis is part of an update of the national price policy, which contains a set of provisions, including the temporary regulation of the maximum retail price of essential products.

The official explained that the announced limit is for trade subject to the rules of supply and demand, regardless of the provisions of the regulated family basket.

However, it is up to local governments to define the prices agreed upon with state and non-state economic stockholders that contribute to satisfy the needs of the population, she explained.

From an inclusive and integral perspective, the review is aimed at decentralizing price formation in the country and strengthening the role of the State to regulate the essential aspects of the economic operation, in addition to those that have a fundamental weight on the life of the population, the MFP representative said.