Cuba's inflation, GDP deflator (annual % growth) was 32.22% in 2024, the latest year in the World Bank's World Development Indicators. That is up 28.76 percentage points from 3.46% in 2014.
Key figures
| Value | Year | |
|---|---|---|
| Latest | 32.22% | 2024 |
| Five years earlier | 3.54% | 2019 |
| Ten years earlier | 3.46% | 2014 |
| Highest | 401.59% | 2021 |
| Lowest | -7.39% | 1991 |
| Average since 2015 | 51.45% | 2015–2024 |
| First recorded | 11.86% | 1971 |
What the numbers say
In 2024, Cuba's inflation, GDP deflator (annual % growth) fell 1.34 percentage points on 2023 (from 33.56% to 32.22%).
Across the 30 yearly changes before that (1994 to 2023), the average change was +0.49 percentage points and a typical year strayed about 101.65 percentage points from that (the standard deviation). This year's change was 0.0 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
On record, the biggest yearly rise was 385.03 percentage points in 2021 and the biggest yearly fall was 387.49 percentage points in 2022. The numbers show how large and when, not why; for the cause, look at what happened in that country in those years.
From 2015 to 2024 there is no clear straight-line trend: a straight line explains 7% of the movement over 10 observed years, so the value is moving around more than it is heading anywhere.
Worked out from the yearly values above. How the checks work: standard deviation, z-scores and straight-line trends.
How it compares
In 2024, Cuba had the 3rd highest value of the 14 economies reporting that year. Higher is not always better: for some indicators the lowest value is the one to aim for. See the full ranking.
| Value | Year | |
|---|---|---|
| Cuba | 32.22% | 2024 |
| World | 3.33% | 2025 |
| Latin America & Caribbean | 3.39% | 2025 |
| Upper middle income | 3.31% | 2025 |
Closest to Cuba in the 2024 ranking
What this measures
Inflation as measured by the annual growth rate of the GDP implicit deflator shows the rate of price change in the economy as a whole. The GDP implicit deflator is the ratio of GDP in current local currency to GDP in constant local currency.
Regional and income-group figures are computed by the World Bank as a median.
All 54 values
| Year | Inflation, GDP deflator (annual % growth) |
|---|---|
| 2024 | 32.22 |
| 2023 | 33.56 |
| 2022 | 14.09 |
| 2021 | 401.59 |
| 2020 | 16.56 |
| 2019 | 3.54 |
| 2018 | 1.03 |
| 2017 | 4.11 |
| 2016 | 4.33 |
| 2015 | 3.44 |
| 2014 |
Inflation, GDP deflator (annual % growth) in nearby economies
- Antigua and Barbuda — 2.98% (2025)
- Argentina — 39.09% (2025)
- Aruba — 4.14% (2024)
- Bahamas, The — 0.29% (2024)
- Barbados — 2.74% (2025)
- Belize — 1.06% (2025)
- Bolivia — 19.91% (2025)
- Brazil — 5.73% (2025)
- Cayman Islands — 2.4% (2024)
- Chile — 6.8% (2025)
More financial sector data for Cuba
- GDP deflator (base year varies by country) — 2,140 (2024)
- DEC alternative conversion factor (LCU per US$) — US$1 (2020)
- Inflation, GDP deflator, linked series (annual % growth) — 32.22% (2024)
- GDP deflator, linked series (base year varies by country) — 2,140 (2024)
Every indicator for Cuba is on the Cuba data page.
Reading data like this
Questions people ask
- What is Cuba's inflation, GDP deflator (annual % growth)?
- 32.22% in 2024, according to the World Bank (World Development Indicators).
- How has it changed since 1971?
- It is up 20.36 percentage points from 11.86% in 1971. The highest value was 401.59% in 2021 and the lowest -7.39% in 1991.
- How does Cuba rank?
- 3rd highest of 14 economies with data for 2024.
- Is the latest change in inflation, GDP deflator (annual % growth) unusual for Cuba?
- In 2024, Cuba's inflation, GDP deflator (annual % growth) fell 1.34 percentage points on 2023 (from 33.56% to 32.22%). Across the 30 yearly changes before that (1994 to 2023), the average change was +0.49 percentage points and a typical year strayed about 101.65 percentage points from that (the standard deviation). This year's change was 0.0 standard deviations below that average, so it was an ordinary year: it sits within the range of normal year-to-year movement.
Source
World Bank, World Development Indicators, indicator NY.GDP.DEFL.KD.ZG, licensed CC BY 4.0. Original source: Country official statistics, National Statistical Offices (NSOs); National Accounts data files, Central Banks; Staff estimates, World Bank (WB) Figures are fetched from the World Bank API and refreshed monthly; see the series on data.worldbank.org. The full definition and method are in the World Bank's metadata glossary. Comparisons use the same World Bank release.
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