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Fez – Minister of Economy and Finance Nadia Fettah Alaoui stated on November 15 that the rise in the prices of several commodities in Morocco is related to the COVID-induced disruptions to the global market.
Alaoui made her statements during a hearing session at the House of Representatives.
Asked about the reasons behind the recent price increases witnessed in Morocco, Alaoui pointed to the prevailing international context and the significant increase in energy prices worldwide.
She notably attributed the price increases to the ongoing, COVID-induced disruptions in global supply chains and international shipping.
Prices have considerably increased worldwide since April, she explained, arguing that recent price fluctuations seen in Morocco are an outgrowth of a global trend.
Last September, the consumer price index in the United States was 5.4 percent, while it was 3.4 percent in the eurozone, noted the minister.
Alaoui argued that Morocco’s government has placed social sectors and citizens’ purchasing power among its top priorities and concerns for the coming year.
The minister highlighted the positive impact of the previous successful agricultural campaign, emphasizing that there was a decrease in the prices of local products such as vegetables, fruits, and grains.
She also recalled that the government intervened to allow considerable price stability, explaining that only a limited number of imported products have known price increases in Morocco
Alaoui added that the prices of subsidized products, including flour, sugar, and butane remained stable due to the Compensation Fund, which is allocated to compensate for the difference between domestic prices and those of the international market.
The Moroccan minister also drew attention to the measures taken to curb the impact of fluctuations in worldwide prices and speculation on domestic prices.
According to Alaoui, the government has waived customs charges on durum and soft wheat imports, to keep wheat national prices stable while providing additional compensation to importers.
The government is still imposing tariffs on cotton and butter imports while supporting the cost of imported soft wheat to keep premium flour prices stable, added Alaoui.
She stated that the government is committed to stepping up efforts to overcome the pricing crisis, emerge stronger from the COVID crisis, and meet citizens’ aspirations as part of the “royal directives” for the New Development Model.
