Morocco's consumer price index rises by over 8% at end of November, HCP

The High Commission for Planning (HCP) said Thursday that the consumer price index (CPI) recorded a year-on-year increase of 8.3% in November 2022.

In its recent note of November, the HCP said that this evolution is due to the rise of the food index by 14.4% and that of non-food products by 4.5%.

For non-food products, the variations range from a rise of 0.1% for the Health index to 14.2% for the Transport index, added the same source.

Compared to October 2022, the consumer price index rose by 0.4%, resulting from a 0.4% rise in the food index and a 0.5% rise in the non-food index, specified the same source.

The increases in food products for the period from October to  November 2022 mainly include Oils and fats by 4.4%, Milk, cheese and eggs by 1.1%, Vegetables by 0.9%, Sugar, jam, honey, chocolate and confectionery by 0.3% and Bread and cereals and Coffee, tea and cocoa by 0.2%, further stated HCP.

On the other hand, prices dropped by 3.8% for Fruit, by 0.8% for Fish and seafood and by 0.3% for Meat, added the same source.

For non-food products, HCP said fuel prices rose by 7.0% during this period compared to last year.

The most important increases in the CPI were recorded in Al-Hoceima by 1.3%, ahead of Oujda by 1.2%, Marrakech by 1%, Safi and Errachidia by 0.9%, Agadir, Fez, Tetouan, Dakhla and Settat by 0.7%,  Casablanca, Rabat and Meknes by 0.4% and Kenitra by 0.3%.

In contrast, decreases were recorded in Beni-Mellal by 0.7% and Laayoune and Guelmim by 0.1%, specified the same source.

The underlying inflation indicator, which excludes products with volatile prices and products with public tariffs, increased by 0.7% in November 2022 compared to October 2022 and by 7.6% compared to November of last year, concluded HCP in its note.