The inflation rate in Morocco continues to drop, reaching 4.3 % in October 2023. This marks a decrease from 4.9% in September, 5% in August, and 5.5% in July, according to the High Commission of Planning (HCP).
The Consumer Price Index (CPI), as reported by HCP, recorded a 0.1% decrease in October 2023 due to a 0.4% drop in the price of food items and a 0.2% rise in the price index of non-food items.
During the period between September and October 2023, significant drops in food prices encompass a 7.3% decline in fruit prices, 1.7% in fish and seafood prices, 1.2% in meat prices, and a minor 0.2% decrease in bread and grain prices.
Vegetable prices, on the other hand, rose by 3.2%, oils and fat by 2.1%, and milk, cheese, eggs, coffee, tea, and cocoa by 0.5%.
Fuel prices, as for non-food items, witnessed an increase of 2.0%.
Among cities, the greatest declines in the price index were witnessed in Beni Mellal at 2.6%, Houceima (1.4%), Safi (1.0%), Meknes (0.7%), Settat (0.6%), Oujda (0.3%), and Marrakech and Dakhla (0.2%).
Price increases, on the other hand, were recorded in Laayoune (0.6%), Fes, Kenitra, Rabat (0.5%), and Tangier (0.2%).
Compared to the same month of the previous year, the CPI experienced a 4.3% surge in October 2023 due to an 8.8% rise in food prices and a 1.3% increase in non-food prices.
As to non-food items, there was a 0.6% decrease in entertainment and culture, but a 4.9% increase in restaurants and hotels.
The core inflation index, which leaves out specific and highly volatile items, grew 3.0% in October 2023 as opposed to September 2023 and 4.3% compared to October 2022.
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