Morocco’s inflation rate is estimated to have reached 2.2% in the first quarter of 2025, up from 0.7% in the previous quarter, according to the High Commission for Planning (HCP).
This increase is mainly attributed to a 3.7% rise in food prices and a 1.1% rise in non-food items. The spike in food inflation is largely due to higher prices of basic foodstuffs, especially meat, which has consistently driven inflation for over a year (+1 percentage point), as well as fresh fish (+0.2 points) and fresh vegetables (+0.1 point, compared to -1 point in Q4 2024).
Tariff adjustments, notably a 2.9% increase in tobacco prices in January, also contributed, though to a lesser extent.
Non-food inflation was moderate, led by a 1% rise in energy prices, following a -1.1% decline in the previous quarter. Core inflation, excluding volatile and state-regulated prices, eased slightly to 2.3%, reflecting weaker momentum in manufactured goods.
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