Cuba regulates as of today retail prices of imported products

HAVANA, Cuba, Jul 8 (ACN) A group of products highly in demand among the Cuban population, and imported by economic actors, will have from today regulations on their maximum retail prices, by allowing them up to 30 % of commercial margin of profit.

These are cut-up chicken, edible oils (except olive oil), powdered milk, pasta, sausages and powdered detergent, which have shown a substantial increase in their prices, for which the measure is aimed at containing inflation, said Vladimir Regueiro, Minister of Finance and Prices (MFP).

In a press conference, Regueiro explained the purpose of Resolution 225, which came into effect after its publication Monday in the Official Gazette number 61, referring to the new measure.

He explained that it includes the exoneration of customs taxes for the importation of such products, even though this means that the State budget does not receive the monetary amounts for this concept.

The head of the MFP clarified that the provision must be complied with by all the economic actors involved in the importation of the mentioned items, that is to say, both of the state and non-state sector, for which reason at the end of each month its progress will be reviewed with the Ministry of Foreign Trade and Investment.

He insisted on the temporary nature of the regulation, its monitoring, control and supervision, knowing that there have been many concerns or doubts among the population since its recent announcement.

The Minister emphasized that in the last few days with representatives of MSMEs and other forms of management, there have been working meetings in the territories, with government officials, the MFP and other sectors.

Vivian Herrera, general director of foreign trade of the foreign trade and investment ministry acknowledged that after COVID 19 the price of fuels, freight rates and container congestion increased; however, in a group of basic items of consumption by the population there is a stable behavior in international prices, and this is the starting point of the cost cards.

If we manage to buy them in the region, in nearby markets and at competitive prices, this will undoubtedly have an impact on the maximum commercial profit margin, the official pointed out.