Inflation rates in Morocco recorded the highest rate in 30 years, according to the High Commission for Planning’s (HCP) latest note.
“This sharp rise in inflation reaching 6.6%, which was observed in 2022, is mainly due to the increase in food prices by 11.0%, and fuel by 42.3%.”
The commission said that “the inflation analysis is related, according to the exchange criterion, to the difficulty of drawing up a list of tradable and non-tradable products.”
“As this increase appears by 9.1% on tradable products and only 3.2% on non-tradable products, this indicates the acceleration of imported inflation in Morocco.”
The institution confirmed an increase in consumer prices by 6.6% in 2022, after it increased by 1.4% in 2021, and by 0.7% in 2020, adding that the food index rose by 11.0%, and non-food items by 3.9%.
While the increase in food products is mainly due to the increase in oils by 26.4%, vegetables by 15.7%, bread and cereals by 14.4%, meat by 7.9%, then milk, cheese and eggs by 6.9%, fruits by 5.6%, and fish by 4.6%.
As for non-food products, the main reason for the increase in prices is attributed mainly to the increase in fuel prices by 42.3%, according to the same source.
The HCP also indicated that before 2021, inflation was at its lowest level in Morocco, as it was maintained at levels below 2%.
However, after the health crisis and geopolitical tensions, prices rose in a gradual manner to reach unprecedented peaks.
The acceleration witnessed in the consumer price index since the beginning of 2022 until it reached the level of 6.6% was linked to the rise in external inflationary pressures, and the continuation of inflationary pressures among foreign partners, especially in the euro area, Morocco’s main partner.
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