Morocco’s consumer price index rises by over 8%, HCP

Morocco’s consumer price index rose by 8.3% at the end of September 2022 compared to the same month last year, said the High Commission for Planning (HCP) on Thursday.

The increase comes as a result of the rise in the food index by 14.7% and that of non-food products by 4.4%, said HCP.

For non-food products, the variations range from an increase of 0.1% for Health to 12.9% for Transport, added the same source.

Additionally, the consumer price index increased by 1.0% compared to last month, resulting from the 1.7% rise in the food index and 0.6% rise in the non-food index.

The inflation indicator rose by 0.8% over one month and by 7.0% year-on-year, said the same source.

The increases in food products observed between August and September 2022 mainly include vegetables by 7.2%, milk, cheese and eggs by 2.7%, fruits by 2.6%, meat by 1.4%, oils and fats by 1.0%, coffee, tea and cocoa by 0.8% and bread and cereals by 0.5%, specified HCP.

On the other hand, prices fell by 3.6% for fish and seafood. Among non-food products, the rise was mainly in the price of fuels by 0.3%, added the same source.

The largest increases in the CPI were recorded in Beni Mellal by 1.9%, Errachidia by 1.8%, Rabat and Meknes by 1.3%, Kenitra and Marrakech by 1, 2%, Casablanca and Oujda by 1.1%, Dakhla and Guelmim by 0.9%, Fez and Tetouan by 0.8%, Settat by 0.7% and Agadir, Tangier, Laayoune and Safi by 0.4%, while a drop was recorded in Al-Hoceima by 1.2%, further specified the same source.

“Under these conditions, the underlying inflation indicator, which excludes products with volatile prices and products with public tariffs, rose by 0.8% in September 2022 compared to August 2022 and by 7.0% compared to September 2021,” concluded HCP in its latest note.