Inflation remained steady in 2024, with annual core inflation of 2.4%, close to the 2% target recommended for central banks, according to a report by Morocco’s statistics office (HCP).
The Consumer Price Index (CPI), a measure that tracks the average change over time in the prices of a representative basket of consumer goods and services, recorded an annual increase of 0.9% over 2023.
December’s data showed a slight decline of 0.2% in overall CPI, driven by a drop in food prices and stable non-food costs.
On an annual basis, food prices rose 0.8%, while non-food items increased 1.2%, resulting in a 0.9% uptick in overall inflation. The strongest gains among non-food categories came from restaurants and hotels, which jumped 3.4%. In contrast, healthcare prices declined notably by 1.3%.
Regional data revealed significant inflation disparities by region. Laayoune experienced a 3.0% increase in its annual CPI, followed by Guelmim at 2.2%. Other notable increases included Dakhla and Safi (+1.7%), and Agadir (+1.6%).
Meanwhile, Casablanca and Al-Hoceima had more moderate increases of 0.8%, while Settat and Tangier lagged at 0.6%.