Morocco’s inflation rises to 0.3% in February

Morocco's consumer price index (CPI) rose 0.3% in February 2024 compared to the same month in 2023, according to the Haut-Commissariat au Plan (HCP).

This increase is driven by a 0.9% rise in the index for non-food products, offset by a 0.4% decrease in the food products index, explains the HCP in its recent information note.

For non-food products, price changes varied widely. Health products saw a 1.1% decrease, while restaurants and hotels experienced a 3.5% increase.

Compared to January 2024, the CPI fell slightly by 0.3%. This is due to a 0.7% drop in the food index and a minimal 0.1% rise in the non-food index.

The most significant price decreases in food products between January and February 2024 were observed in vegetables (down 9.5%) and fish & seafood (down 2.1%). However, prices for some food items increased: fruit (3.9%), meat (1.1%), sugar & sweets (0.5%), bread & cereals (0.3%), and milk, cheese & eggs (0.2%).

For non-food products, the primary price decrease was in fuel (down 1%).

Regionally, the largest CPI drops were recorded in Al-hoceima (0.8%), Beni-Mellal (0.7%), Errachidia (0.6%), and several other cities (0.3%). Conversely, Guelmim and Settat saw a slight increase of 0.2%.

The underlying inflation indicator, excluding volatile and government-controlled prices, rose by 0.2% in February 2024 compared to January 2024, and by 2.2% compared to February 2023.