Morocco’s Consumer Price Index, which measures inflation, fell by 0.1% in December 2023 compared to the previous month, culminating in a 6.1% inflation drop in 2023 from 6.6% a year earlier, Morocco’s High Commission for Planning (HCP) said Monday.
Core inflation, which excludes volatile goods, was up 5.9% last year.
Between November and December of 2023, Morocco noted a decrease in food goods primarily in the following categories: fruits (2.5%), vegetables (1.5%), fish and seafood (2.6%), coffee, tea, and chocolate (0.1%).
However, according to the same source, the cost of meat climbed by 1.6%, that of oils and fats by 0.5%, and that of milk, cheese, and eggs by 0.2%.
The decline in non-food product prices was primarily due to a drop of 2.6% in fuel costs.
In these circumstances, the underlying inflation indicator, which does not include products with public pricing or fluctuating prices, has climbed by 0.2% in December 2023 compared to the previous month, further explained HCP’s report.
Al-hoceima showed the highest rises in the yearly CPI (10.1%), followed by Beni-Mellal (8.8%), Errachidia (8.0%), Laâyoune (7.7%), Safi (7.5%), Marrakech and Tetouan (7.1%), Oujda (7.0%), and Fez (6.8%).
Earlier this month, the same authorities shared that Morocco’s 2023 inflation rate have reached 6.1%, while it was estimated at 6.6% in 2022.
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