Morocco’s consumer price index rises 0.4% year-on-year in May 2025

Morocco’s Consumer Price Index (CPI) rose by 0.4 percent in May 2025 compared to the same period last year, according to new data released by the High Commission for Planning (HCP). The increase was driven by a 0.5 percent rise in food prices and a 0.3 percent uptick in non-food goods.

The HCP reported that annual changes in non-food prices varied significantly across categories, with transport costs registering a notable decline of 4.3 percent, while prices in the restaurants and hotels sector rose by 3.9 percent.

Compared to the previous month, the overall CPI recorded a 0.4 percent decrease between April and May 2025. This drop was largely attributed to a 0.8 percent decrease in food prices and a 0.1 percent decline in non-food products.

Within the food sector, the most pronounced reductions were observed in the prices of vegetables, fish and seafood, meat, milk, cheese, and eggs. Bread and cereals, edible oils and fats, and fruits also saw modest declines. On the other hand, prices for coffee, tea, and cocoa increased by 0.8 percent over the same period.

In the non-food category, the primary factor contributing to the monthly decline was a 2.7 percent fall in fuel prices. The index also showed a varied regional impact. The most significant decreases were recorded in Beni Mellal, Safi, and Tangier, while cities such as Kenitra, Errachidia, Fez, and Oujda also experienced moderate reductions.

Casablanca, Rabat, and Dakhla saw slight declines, as did Tetouan and Guelmim. In contrast, increases were registered in Laayoune, Al Hoceima, and Marrakesh.

The core inflation index, which excludes goods with volatile prices and those subject to administrative pricing, remained stable between April and May 2025. However, it recorded a year-on-year increase of 1.1 percent compared to May 2024, reflecting a persistent but contained rise in underlying inflationary pressures.