In the second quarter of 2023, the rate of increase in consumer prices slowed slightly in Morocco, for the first time in six quarters of continuous rise, according to the HCP report on the economic situation in the second quarter of 2023 and the outlook for the third quarter of the High Commissioner for Planning (HCP).
As a result, inflation is estimated to have reached 7.1% year-on-year, compared with 9.1% in the previous quarter.
This change is due to the decline in non-food prices, which fell by more than half, from +3.5% in the first quarter to +1.4% in the second, as well as a deceleration in food prices, from 17.6% to 15.5%.
According to the same source, the fall in imported inflationary pressures was reflected in lower energy prices and a slowdown in food prices.
The negative contribution of energy prices (-0.5 points) and the slowdown in manufactured goods prices, due to the deceleration in vehicle and non-durable household goods prices, led to a reduction in non-food inflation.
On the other hand, the one-point drop in the contribution of non-fresh food prices, due to lower prices for table oil, unprocessed cereals and cereal-based products, contributed to the decline in food prices.
On the other hand, these downward effects were offset by the continuing rise in fresh produce prices (+2.5 contribution points), HCP points out.
The limited availability of agricultural products, due to persistent drought, as well as rising production and distribution costs, hampered a rapid deceleration in the inflation rate for fresh food products, added the HCP.
Sustained inflation was also fuelled by a slight increase in service prices, notably for air transport, catering and medical consultations.
Underlying inflation, which excludes state-regulated prices and volatile-priced products, is said to have risen by 6.5% year-on-year, but also recorded a decline compared with the previous quarter (+8.2% in Q1 2023), due to lower inflation in non-fresh food and manufactured goods.
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