Saturday July 4th, 2020 7:53AM

Cuba caps prices around country

By The Associated Press

HAVANA (AP) — The Cuban government is capping prices for food and beverages throughout the country in order to control the risk of inflation due to a state wage hike and stagnant productivity.

Officials say the experiment started several weeks ago in some province and it will go into effect throughout Cuba on Aug. 1.

The price cap is part of a batch of measures announced by the Cuban government that includes an increase in the salaries of more than 1 million government employees and retirees.

Cuba is currently going through a difficult economic situation due to its low production and large import bills, especially in food and fuel, accompanied by the economic collapse of Venezuela, Cuba's closest ally.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Economy
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