Morocco’s core inflation in May is up 0.1% month-on-month and 6.4% year-on-year, according to the Statistics and Forecasts Office (HCP).
The Consumer Price Index (CPI) decreased by 0.4%, with the food index falling by 0.8% and the non-food index by 0.1%. Decline in food prices between April and May mainly concerned vegetables at 7.9%, fish/seafood at 7.0%, milk/cheese/eggs at 0.6%, bread/cereals at 0.4%, oils/fats, and coffee/tea/cocoa at 0.1%.
Prices surged by 3.3% for Meat and 2.2% for fruit. For non-food products, the main fall was in the price of fuels with 2.9%.
The biggest CPI drop was recoed in Al-Hoceima (1.9%), Oujda (1.2%), Safi (1.0%), Tangier (0.8%), Marrakech and Settat (0.6%), Casablanca and Guelmim (0.4%), Rabat and Dakhla (0.3%), Agadir, Tétouan and Errachidia (0.2%). Conversely, increases were recorded in Meknes (0.3%) and Beni-Mellal (0.2%).
In May 2023, the CPI rose by 7.1% versus May 2022, as a result of a 15.6% increase in the food index and a 1.4% rise in the non-food index. For non-food products, variations ranged from a 2.2% fall for “Transport” to a 6.9% rise for “Restaurants and hotels”.
Under these conditions, the core inflation measures -that exclude prices and items subject to public tariffs- would have climbed by 0.1% compared to April 2023, and by 6.4% y-o-y.