Morocco's August inflation still stubborn as food prices increase

In August, the inflation rate was +1.7% compared to August 2023, the average inflation for the first eight months of 2024 was +1.1% versus the same period in 2023, and core inflation rose by +0.3% from July 2024 and +2.6% from August 2023.

The main increases in food prices from July to August 2024 included “Meat” (+6.8%), “Milk, cheese, and eggs” (+3.5%), “Fish and seafood” (+2.8%), “Vegetables” (+2.4%), “Coffee, tea, and cocoa” (+0.3%), and “Oils and fats” (+0.1%). Conversely, “Fruits” saw a price decrease of 4.0%. Among non-food products, fuel prices dropped by 1.8%.

The most significant increases in the consumer price index were recorded in Al-Hoceima (+2.8%), Safi (+1.5%), and Errachidia (+1.2%), with other notable increases in Agadir, Dakhla, Settat, and Beni Mellal (+1.1%), Oujda (+1.0%), Fès and Tétouan (+0.9%), Kénitra (+0.8%), Meknès (+0.7%), and Casablanca, Marrakech, and Rabat (+0.6%).

Compared to August 2023, the consumer price index rose by 1.7% in August 2024, primarily due to a 2.0% increase in food prices and a 1.4% increase in non-food prices. Non-food price variations ranged from a 1.4% decrease in “Health” to a 3.7% increase in “Housing, water, gas, electricity, and other fuels.”