Posted: May 22nd, 2023

Inflation Rates in Cuba

According to the latest data from Rabobank, in 2012, the inflation rate in Cuba stood at 5.50% (Campbell, 2013). The average rate between 2005 and 2013 was 3.56%. In 2006, the country recorded the highest ever inflation rate at 5.70 percent. The lowest was reported in 2008 at 0.80 percent [see appendix 2] (Harnecker, 2014). The fluctuations have significant effects on the Cuban economy. For instance, in 2006, trade unions had anticipated the high inflation rates. They used the information to bargain for an increase in wages to protect the welfare of employees. Other people lost their incomes as a result of the changes. In addition, there was a significant redistribution of wealth in the country

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