Morocco’s inflation fell nearly by half in the second quarter of 2024, dropping to +0.7% from +1.2% in the first quarter, according to Morocco’s Statistics and Forecasts Office (HCP).
This performance was mainly driven by a 0.5% decrease in food prices, HCP pointed out in its latest report, adding that this was offset by an acceleration in non-food product prices, which increased by 1.5% compared to the previous quarter’s +0.9%.
Core inflation, which excludes state-regulated and volatile prices, also declined, falling from +2.5% to +2.2%, thanks to reduced prices of food and manufactured goods.
Looking ahead, HCP forecasts inflation to remain relatively stable in the third quarter of 2024. Overall inflation is expected to reach around +0.8%, with core inflation at +2.1%, thanks to reduced inflationary pressures in the food and non-energy goods sectors.
In the same report, HCP has foreseen a 3.2-percent growth in the third quarter of 2024, slightly up from the second quarter’s 2.9%.