Core inflation in Morocco – a measure of inflation that excludes prices of volatile commodities – slowed to 2.4% at the end of the first 10 months of 2024, down from 4.3% a year earlier, according to the country’s statistics office (HCP).
After breaking records in 2023, climbing to an annual average of 6.1, inflation in Morocco is showing signs of recovery, gradually nearing the recommended 2% rate.
Food prices, which remain the primary driver of inflation, eased by an annual average of 0.5% at the end of October. Meanwhile, non-food prices narrowed by 0.1% during the same period.
Inflation is expected to drop to 1.5% by the end of 2024, compared to 6.1% in 2023 and 6.6% in 2022, according to projections from the central bank, Bank Al Maghreb (BAM). The expected drop in inflation rates is mainly driven by easing external pressures and lower prices of volatile food products.