HCP report issued on October 20th stated that the consumer price index rose 1.0% in September 2022 compared to the previous month. This change resulted from a 1.7 percent increase in the food product index and a 0.6 percent increase in the non-food product index.
The increases in food products observed between August and September 2022 mainly concern “Vegetables” at 7.2%, “Milk, cheese, and eggs” at 2.7%, “Fruit” at 2.6%, “Meat” at 1.4%, “Oils and fats” at 1.0%, “Coffee, tea and cocoa” with 0.8% and “Bread and cereals” with 0.5%. On the other hand, prices fell by 3.6% for “Fish and seafood.”
For non-food products, the increase was mainly in the prices of “Fuels” with 0.3%.
The most significant increases in the consumer price index were recorded in Beni Mellal at 1.9%, Errachidia at 1.8%, Rabat and Meknes at 1.3%, Kenitra and Marrakech at 1, 2%, Casablanca and Oujda at 1.1%, Dakhla and Guelmim with 0.9%, Fez and Tetouan with 0.8%, Settat with 0.7% and Agadir, Tangier, Laayoune and Safi with 0.4%. In contrast, a decline was recorded in Al-Hoceima with 1.2%.
Compared to the same month of the previous year, the consumer price index recorded an increase of 8.3% during September 2022 due to the rise in the index of food products by 14.7% and that of non-food products by 4.4%. For non-food products, the variations range from an increase of 0.1% for “Health” to 12.9% for “Transport.”
Under these conditions, the underlying inflation indicator, which excludes products with volatile prices and products with public tariffs, would have risen by 0.8% in September 2022 compared to August 2022 and by 7.0% compared to September 2021.