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Fez- The High Commission for Planning (HCP) reported a 1,8% rise in Morocco’s Consumer Price Index (CPI) for April compared to March 2022.
The annual inflation rate in Morocco increased for the third straight month to 5.9% in April, compared to 5.3% in the previous month.
The inflation is driven by a 3% increase in the food products index compared to March 2022 and a 9,1% rise compared to the same period in 2021. Non-food products on average saw a 0.9% rise compared to last month, and a 3,7% rise compared to last year.
The increase in the prices of food products between March and April included vegetables with a 2,9% surge, 1,4% for bread and cereal prices, a 1,8% rise for meat, while the prices of dairy products and eggs decreased by 0.5%.
Fuel prices continued to rise, breaking a March record of 8% with another 13,2% increase. The Healthcare index remained stable, while transit fees rose by 12,4%.
Core inflation rose by 0,8% in April 2022 compared to March and up from 4,4 % in April 2021, HCP reports.
Read also: Morocco’s Inflation Rate At Highest Level Since 2008
CPI rose highest in Al Hoceima with 3,6% and Fez at 3,3%. Dakhla recorded a 2,3% increase, Oujda Rabat, Safi and Errachidia witnessed a 2,0% rise in prices. Casablanca saw a slight drop of 1,3% compared to 1,7% in March 2022.
Global inflation is set to reach 6,7% for this year, due to the impact of two major crises, the COVID-19 pandemic and the Russian-Ukrainian war.
To control inflation, the Moroccan government has created a compensation fund to subside food prices.
The government took a series of measures to cancel taxes on imported wheat in 2022 and keep bread prices stable, with a MAD 3,844 billion ($383,4 million) contribution expected this year.
HCP indicated that Morocco’s spending on subsidies would account for 1,6% of its GDP.
