Rising Cost of Cooking Oil in Cuba Rivals Minimum Pension

A journalist aligned with the Cuban government recently expressed concern over the skyrocketing price of cooking oil, which nearly matches the country’s minimum pension. "Cooking oil for 1,400 pesos! Just a hundred pesos more and it equals my grandmother's entire pension," lamented Boris Luis Alonso Pérez in an opinion piece for Girón, the official newspaper in Matanzas. He reflected, "I've had this recurring mental calculation ever since inflation started spiraling out of control."

The journalist further shared his realization: "What I earn only covers three bottles of sunflower oil." He questioned the dire situation, asking, "What is the limit? When will we hit the brakes and see prices start to decline? Where have the price caps on essential household items gone?"

Alonso Pérez criticized the high prices in the private sector and called for state intervention, without directly addressing the role of the government's flawed economic policies in this crisis. "Ignoring the pricing issue isn’t an option, and whether some dislike it or not, state intervention might be necessary, possibly through incentives. We must acknowledge that setting arbitrary price caps hasn’t worked in the past," he suggested.

The uncontrolled inflation affecting Cubans continues to drive up the cost of basic necessities, while wages remain stagnant, further diminishing the purchasing power of citizens who are already weary from long queues, power outages, hunger, and despair. Official data released in October 2024 indicates that 39% of retirees in Cuba live on the minimum pension of 1,528 CUP per month—an amount that falls short of meeting even the most basic dietary needs. For instance, a kilogram of powdered milk can cost as much as 1,800 CUP.