Morocco’s consumer price index (CPI) was up by 0.8% in September 2023, compared to the previous month, resulting from an increase in both the food index (+1.3%) and the non-food index (+0.5%), according to Morocco’s Statistics and Forecasts Office HCP’s latest report.
The increase in food prices between August and September 2023 was mainly driven by a 3.5% increase in “vegetables,” a 2.5% rise in “oil and fat,:” a 2.0% increase in “meat,” a 2.0% rise in “milk, cheese, and egg,” and a 0.4% increase in “coffee, tea, and cocoa.”
By contrast, “fish and seafood” prices decreased by 0.8%. For non-food products, the rise was mainly driven by “Fuel” prices, which were up a dramatic 6.0%.
The greatest rises in the CPI were recorded in Beni-Mellal at 2.5%, Marrakech at 1.5%, Dakhla at 1.3%, Casablanca at 1.2%, Rabat and Safi at 1.1%, Meknes and Settat at 0.9%, Agadir at 0.8%, Laayoune at 0.7%, and Fes at 0.4%. However, slight decreases were observed in Al-Hoceima (-1.0%) and Tetouan (-0.2%).
Overall, the CPI increased by 4.9% year on year, as a result of a 9.9% increase in the food index and a 1.3% rise in the non-food index. For non-food products, variations ranged from a 0.5% decrease in “transportation, leisure, and culture” to a 5.4% increase in “restaurant and hotel prices.”
The underlying inflation indicator, which excludes volatile price products and products with public tariffs, increased by 0.5% in September 2023 compared to August 2023 and by 4.6% compared to September 2022.