Rabat- Morocco’s Consumer Price Index (CPI), which measures the change in the price of goods and services, rose by 0.4% in November this year compared to October, according to Morocco’s High Commission for Planning (HCP).
HCP released the figures today, December 22, in its monthly update of the country’s Consumer Price Index (CPI) — the indicator used to measure national inflation.
The reported increase is a result of the rise in the price of certain food products which climbed by 0.4% and that of non-food products by 0.5%.
The increase in the price of food products between October and November 2022 mainly concerns products such as oils and fats, which rose in price by 4.4%. The price of dairy products like milk, cheese, and eggs grew by 1.1%.
As for vegetables, their price rose by 0.9%. In addition, sugar, jam, honey, and chocolate saw a price increase of 0.3%%, the report added.
For non-food products, the increase has mainly affected fuel prices by 7%, the report detailed.
However, the price of fruits fell by 3.8%, while the prices of fish and seafood dropped by 0.8%.
Regional data
Regarding regional data HCP found, the largest increase in the CPI was recorded in Al-Hoceima at 1.3%, Oujda at 1.2%, Safi and Errachidia at 0.9%. Whereas Agadir, Fez, Tetouan, Dakhla and Settat all had a 0.7% increase.
Casablanca and Rabat and Meknes saw a 0.4% increase, followed by Kenitra at 0.3%.
However, a decrease was recorded in Beni-Mellal with 0.7% and Laayoune and Guelmim with 0.1%, HCP highlighted.
The core inflation indicator, which excludes products that are considered to have volatile prices, increased 7.6% year-on-year and 0.7% month-on-month.
Additionally, compared to the same month of the previous year, the consumer price index recorded an increase of 8.3% during the month of November 2022.
This price acceleration stemmed from a 14.4% increase in food prices and a 4.5%. increase in non-food costs. Regarding non food-related inflation, HCP reported a rise of 0.1% in the health sector and 14.2% for transport.
In light of soaring inflation, Morocco’s central bank, Bank Al-Maghrib, raised central bank interest rates by 50 basis points to 2.5% on December 20.
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