HCP: Inflation sets in at 4.9% in July with notable increase in Consumer Price Index

The High Commissioner for Planning (HCP) revealed that the Consumer Price Index (CPI) experienced a notable rise of 4.9% during the month of July 2023. 

This surge is attributed to an 11.7% increase in the index of food products and a 0.4% increase in non-food products, as highlighted in a comprehensive report regarding the July CPI.

Among the non-food products, variations range from a decrease of 7% in transportation costs to an increase of 5.8% in the sector of restaurants and hotels, as informed by the same authoritative source.

Comparing the data to June, the July 2023 CPI registered a 0.3% escalation. This escalation was spurred by a 0.7% surge in the food products index and a 0.2% rise in non-food products.

The upward trends in food product prices from June to July 2023 are most notable in the fruit category, which saw an increase of 9.2%. 

Fish and seafood prices went up by 4.4%, meat prices by 0.7%, oil and fats by 0.3%, coffee, tea, and cocoa by 0.2%, and sugar, jam, honey, chocolate, and confectionery prices by 0.1%.

Prices exhibited a decline of 3.3% for vegetables, 0.6% for dairy products, cheese, and eggs, and 0.2% for bread and cereals. As for non-food products, the most significant increase was seen in fuel prices, which rose by 0.5%.

The most prominent CPI increases were observed in various cities, including a 2.9% rise in Al-Hoceima, 1.4% in Beni-Mellal, 1.2% in Safi, 1.1% in Tétouan, 1% in Dakhla, 0.7% in Kénitra, and 0.6% in Laâyoune and Guelmim. 

Meanwhile, slight decreases were recorded in Fès with 0.5% and Errachidia with 0.3%.

Regarding the core inflation indicator, which doesn’t count products with unstable prices and publicly regulated items, it went up by 0.3% in July 2023 compared to June 2023. It also showed a noteworthy 5.4% increase compared to July 2022.