Morocco’s Consumer Price Index Up 1.3% in July 2024

Rabat – Morocco’s Consumer Price Index (CPI) saw a 1.3% increase in July compared to the same month in the previous year.

According to High Commission for Planning (HCP) data, this rise mirrors a 1.8 increase in the index for non-food products and a 0.5% increase for food products.

The CPI experienced a slight decline of 0.2% from June to July. This decrease was attributed to a 0.5 drop in the index for food products, while non-food products saw a modest increase of 0.1%.

Food product prices also displayed mixed trends between June and July. Significant decreases were noted in vegetables, which fell by 6.5%, milk, cheese and eggs down by 1%, and oils and fats decreased by 0.5%.

Meanwhile, there were notable price increases for fish and seafood, which rose by 4.7%, fruits with a 0.9% increase, and sugar, jam, honest, chocolate, and confectionery up by 0.4%.

Non-food product prices saw an increase in fuels, which rose by 1.3%.

Regional CPI changes varied, with the largest decreases observed in Errachidia (-1.1%), Safi (-1%), and Fez, Marrakech, and Dakhla (-0.5%).

Other notable declines occurred in Agadir and Rabat (-0.4%) and Oujda, Meknes, and Settat (-0.3%). In contrast, CPI increases were recorded in Laâyoune and Beni-Mellal (0.5%), Kenitra (0.4%), and Tanger and Guelmim (0.2%).

The core inflation indicator, which excludes volatile price products and public tariffs, saw a 0.1% increase in July 2024 compared to June 2024 and a 2.1% rise compared to July 2023.

In July 2023, the CPI recorded a 4.9% increase, driven largely by a significant 11.7% rise in food products, while non-food items saw a more modest increase of 0.4%.

Meanwhile, the core inflation indicator experienced a 0.3% rise compared to June 2023 and a substantial 5.4% increase from July 2022.