Morocco’s inflation rate continued its decline in July, reaching 1.3%, according to data released Monday by the High Commission for Planning (HCP). This represents a decrease from the 1.8% rate recorded in June and follows a period of four months where inflation remained below 1%.
Core inflation, which excludes volatile food and energy prices, edged up by 0.1% from June to July, marking a 2.1% increase over the past year.
The consumer price index (CPI) fell by 0.2% from the previous month, largely due to a 0.5% drop in food prices. Despite this overall decrease, certain food items, like fish and seafood, saw a price increase of 4.7%, while vegetables, milk, cheese, and eggs became less expensive.
In contrast, non-food prices rose slightly by 0.1%, with fuel prices contributing to this uptick. Regional variations in CPI were evident, with significant price drops in cities like Errachidia and Safi, while others, such as Laayoune and Beni-Mellal, saw increases.
Following a peak inflation rate of 6.6% in 2022 and a slight decrease to 6.1% in 2023, Morocco has experienced a return to more stable inflation levels.
The government projects a year-end inflation rate of 1.5% and anticipates stabilization at around 2% in the near future. However, the central bank’s latest forecast indicates a possible rise to 2.7% next year, influenced by the gradual removal of subsidies on cooking gas.
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