Morocco’s core inflation fell to 4.3% on an annual basis in October, down from 4.9% in September and 5% in August, according to Morocco’s Statistics and Forecasts Office (HCP).
In October 2023, the Consumer Price Index (CPI) decreased by 0.1% compared to the previous month. This change resulted from a 0.4% decline in the index for food products and a 0.2% increase in the index for non-food products.
The decreases in food products between September and October of this year were primarily in the categories of “Fruits” (7.3%), “Fish and Seafood” (1.7%), “Meat” (1.2%), and “Bread and Cereals” (0.2%).
Conversely, prices rose by 3.2% for “Vegetables,” 2.1% for “Oils and Fats,” and 0.5% for “Milk, Cheese, and Eggs,” as well as “Coffee, Tea, and Cocoa.” Among non-food products, the increase was mainly observed in the prices of “Fuels,” rising by 2.0%.
The most significant declines in the CPI were recorded in Beni-Mellal at 2.6%, Al-Hoceima at 1.4%, Safi at 1.0%, Meknes at 0.7%, Settat at 0.6%, Oujda at 0.3%, and Marrakech and Dakhla each at 0.2%, while the increases noted in Laâyoune showed 0.6%, Fes, Kenitra, and Rabat each showed 0.5%, and Tangier came in at a 0.2% rise.
Compared to September, the CPI increased by 4.3% in October 2023, driven by an 8.8% rise in the food products index and a 1.3% increase in the non-food products index. For non-food products, variations ranged from a 0.6% decrease in “Leisure and Culture” to a 4.9% increase in “Restaurants and Hotels.”