Morocco consumer price index sees 1.8% rise in June

The Consumer Price Index (CPI) increased by 1.8% in June 2024 compared to the same month last year, according to the High Commission for Planning (HCP).

In a briefing note regarding the CPI of June 2024, the HCP explains that this variation is the result of a 1.7% increase in the food products index and a 1.9% increase in the non-food products index.

Non-food product variations ranged from a decrease of 1.2% for health to an increase of 3.7% for housing, water, gas, electricity, and other fuels.

Compared to May 2024, the CPI increased by 0.4% in June, due to the rise in the food products index by 0.5% and the non-food products index by 0.3%.

The increases in food products observed between May and June 2024 mainly concerned fruits (4.5%), meats (2.2%), coffee, tea, and cocoa (0.6%), fish and seafood (0.5%), and sugar, jam, honey, chocolate, and confectionery (0.2%). However, prices decreased by 1.6% for vegetables, 1.2% for milk, cheese, and eggs, and 0.4% for oils and fats. For non-food products, the increase mainly concerned gas prices with 10.9%.

The HCP additionally reports the most significant increases in the CPI were recorded in Al-hoceima (1.8%), Errachidia (1.5%), Marrakech (1.0%), Fès and Oujda (0.7%), Tétouan, Guelmim, and Safi (0.6%), Agadir (0.5%), Meknès, Laâyoune, and Beni-Mellal (0.4%), Casablanca (0.2%), and Rabat and Settat (0.1%). However, decreases were recorded in Kénitra and Dakhla (0.3%) and Tangier (0.1%).

The core inflation indicator, which excludes volatile price products and regulated goods, would have seen a 0.3% increase in June 2024 compared to May of the same year and a 2.4% increase compared to June 2023.