HCP report: Morocco’s inflation surges to 0.3% in February 2024

Morocco’s Consumer Price Index (CPI) recorded an increase of 0.3% in February 2024 compared to the same month in 2023,  according to the High Commission for Planning.

This change was mainly driven by a 0.9% increase in the index for non-food products, and a 0.4% increase in the food index.

For non-food products, the variations ranged from a 1.1% decrease in “Health” to a 3.5% increase in “Restaurants and hotels.”

Excluding volatile items and those with fixed public prices, core inflation rose 0.2% in February 2024 compared to January and 2.2% year-over-year.

The HCP further indicated that the CPI dipped by 0.3% in February 2024 compared to January 2024.

This decline was driven by a 0.7% drop in the food index and a 0.1% slight increase in non-food products.

The decline in food prices was driven largely by a significant 9.5% drop in the “Vegetables” category and a 2.1% decrease in “Fish and seafood.”

However, some food items saw price increases, including “Fruits” by 3.9%, “Meat” by 1.1%, “Sugar, jam, honey, chocolate, and confectionery” by 0.5%, “Bread and cereals” by 0.3%, and “Milk, cheese, and eggs” by 0.2%.

For non-food products, the primary prince decline seen in this month was in “fuel,” dropping by 1%.

Regionally, the largest decline in the CPI was recorded in Al-Houceima by 0.8%, Beni-Mellal by 0.7%, Errachidia by 0.6%, Safi by 0.4%, Casablanca, Fres, Kenitra, Marrakech, Rabat, Meknes, and Dakhla by 0.3%, and in Agadir by 0.2%.

Conversely, an increase was recorded in Guelmim and Settat by 0.2%, according to the same source.