Rabat – Morocco’s inflation rate rose by 8.3% year on year in September, driven mainly by rapid increases in food prices and higher costs of transport, according to the latest figures from the country’s High Commission for Planning (HCP).
This acceleration stemmed from a 14.7% increase in food prices and a 4.4% increase in non-food costs. For non-food inflation, HCP reported an increase of 0.1% for health and 12.9% for transport.
September’s increase in the Consumer Price Index (CPI) is 1,0% higher than August’s, the HCP noted. The report attributed this increase to the 1.7% rise in the index of food products and the 0.6% increase in the index of non-food products.
The increases in food products observed between September and August 2022 mainly concern vegetables (7.2%), dairy products and eggs (2.7%) , and fruits (2.6%).
Meat products increased by 1.4%, and oils and fats by 1.0%.
Coffee, tea and cocoa also rose by 0.8%, and bread and cereals with 0.5%. The sector which experienced a decrease was fish and seafood which dropped by 3.6%.
For non-food products, the increase has mainly affected fuel prices by 0.3%, the HCP reported.
According to HCP’s data, the largest increases in the consumer price index were recorded in Beni Mellal with 1.9%, Errachidia with 1.8%, Rabat and Meknes with 1.3%, and Kenitra and Marrakech with 1.2%.
Casablanca and Oujda saw a 1.1% increase, followed by Dakhla and Guelmim with 0.9%, Fez and Tetouan with 0.8%, and Settat with 0.7%.
However, a decrease was recorded in Al-Hoceima with 1.2%, the HCP highlighted.
The core inflation indicator, which excludes products with volatile prices, increased 7.0% year-on-year and 0.8% month-on-month.
In light of the soaring inflation, Morocco’s central bank, Bank Al-Maghrib (BAM), raised central bank interest rates by 0.5 points to 2%, on September 26.
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