Rabat – Triggered by the price shocks in the food and energy commodities, Morocco’s Consumer Price Index (CPI) rose by an annual average of 6.6% at the end of 2022.
According to new data from the country’s Higher Commission for Planning (HCP), the dramatic rise in CPI –an index that tracks the average price of a basket of food and services– echoes the 5.8% annual rise in the country’s inflation rate.
Food prices increased significantly throughout 2022, with prices increasing by an average of 11%, while non-food commodities rose by 3.9% compared to the previous year. Transport prices equally rose by 12% over the same period.
The rise in the consumer price index and inflation has disproportionately affected some Moroccan cities.
Al-Hoceima, for example, saw an annual hike in inflation that averaged a sweeping 8.4%, followed by Kenitra and Beni-Mellal with 8.0%, and Errachidia with 7.6%.
Other cities that were heavily impacted by the rise in inflation include Marrakech at 7.3%, Safi at 7.0%, and Fez and Oujda at 6.9%.
While the price shock is expected to ease slightly in 2023, inflation will continue to be a major challenge for the global economy in 2023.
In a report published earlier this month, HCP predicted that inflationary pressures in Morocco would ease in 2023, slowing down to the recommended level of under 2% compared to 5% in 2022.
Governments around the world have been told to be cautiously optimistic about 2023, with many experts still reckoning that the world may be edging towards a second global recession as Europe faces the prospects of an energy crisis.
Read Also: HCP: Morocco’s Budget Deficit to Show Signs of Recovery In 2023
