The measures applied so far to contain inflation in the country have had a limited scope, recognized the Minister of Economy and Planning, Alejandro Gil Fernández, and said that to face this phenomenon, more effective actions are required, “adjusted to our context” and with everyone’s support.

Speaking at the ninth regular session of the National Assembly of People’s Power (ANPP) in its ninth legislature, the minister reported that accumulated inflation in the first six months of the year is 13.4%.

At the end of June 2021, the accumulated inflation was 56.17%, “but that does not mean that we are better off today”, because that index is influenced by the change in relative prices in the economy and the increase in wages that were implemented as part of the monetary system.

From June 2021 to the same stage this year, inflation has grown by 28.8%. Gil Fernández recalled that in 2021 inflation was 77.3%, 17 percentage points higher than designed.

There are biases in the inflation data. “We are taking official prices, but we all know that there are products that a part of the population does not purchase at those prices, because there is a colero who gets in the way and resells the products. For example, the inflation of the price of chicken is officially zero, but when there is a resale, that price is increased by the resellers”, the minister pointed out.

He confirmed that, despite the rise in prices on the international market, the rates for electricity, gas, water and the regulated family basket have been maintained, “when in other countries that has grown by 60% and more”.

He also reiterated the need to work on prices that are out of order in the country. “This is an issue that needs to be followed up on.”

The minister reaffirmed that “measures to deal with inflation have to be objective, consistent and adjusted to our possibilities”, and mentioned among the causes of this phenomenon the effect of scarcity, lack of foreign currency, productivity problems and imported inflation of international costs.