Policymakers consider annual inflation rates of 2% or below to be acceptable.
Rabat – Morocco’s annual inflation rate stood at 0.2% at the end of November 2020, the High Commission for Planning (HCP) has announced. Last month, the country’s annual inflation rate stood at 1.3%.
This month’s significantly low inflation rate — policymakers believe inflation rates of 2% or below are acceptable — is mainly due to the stagnation of Morocco’s consumer price index (CPI) of foodstuff between November 2019 and 2020.
The CPI of non-food products, meanwhile, witnessed a slight annual increase of 0.4%. The index evolution ranged from a 0.9% decline in “entertainment and culture” products to a 1.8% rise in “education.”
Between October and November, Morocco’s monthly inflation rate witnessed a 0.7% decline, resulting from a 1.8% decrease in the index of foodstuff and a 0.1% increase in the index of non-food products.
Fruits witnessed the highest decline in CPI, with a 12.1% reduction between October and November, followed by vegetables (-2.2%), meats (-2.0%), and coffee, tea, and cocoa (-0.2%).
On the other hand, the prices of fish and seafood, as well as that of oils and fats recorded monthly increases of 1.0% and 0.4%, respectively.
For non-food products, the decline in CPI mainly concerned fuels (-0.2%).
Cities that witnessed the highest declines in prices between October and November are Beni Mellal (-1.7%), Safi (-1.6%), Errachidia (-1.3%), Kenitra and Tetouan (-1.2%), Fez (-1.1%), Meknes (-1.0%), Marrakech and Tangier (-0.8%), Agadir and Guelmim (-0.7%), and Laayoune and Dakhla (-0.6%).