Inflation persists in Morocco and reached a new record at the end of August, with an increase of 8% over one year, according to the latest estimates from the High Commission for Planning (HCP).
Inflationary pressures continue to weigh on the purchasing power of Moroccans. The latest information note from the High Commission indicates a 0.3% increase in the consumer price index, at the end of August 2022, compared to the previous month. This variation is the result of the 1.5% increase in the food products index and the 0.5% drop in the non-food products index.
The increases in food products observed between July and August 2022 mainly concern “Fruits” with 9.6%, “Fish and seafood” with 2.2%, “Milk, cheese and eggs” with 1.4% , “Vegetables” and “Coffee, tea and cocoa” with 1.1%, “Meat” with 1.0%, “Oils and fats” with 0.5% and “Sugars, jams, honey, chocolates and confectionery” with 0.4%. For non-food products, the decline mainly concerned the prices of “Fuels” with 10.1%, underlines the HCP.
The largest CPI increases were recorded in Beni-Mellal with 1.3%, Al-Hoceima with 1.1%, Agadir and Safi with 0.9%, Oujda and Tetouan with 0.8 %, in Tangier and Laayoune with 0.6%, in Guelmim with 0.5%, in Meknes with 0.4%, in Fez with 0.3% and in Casablanca with 0.2%. On the other hand, decreases were recorded in Settat with 0.6%, in Rabat and Errachidia with 0.4% and in Marrakech with 0.2%.
Compared to the same month of the previous year, the consumer price index rose by 8% as a result of the rise in the index of food products by 14.1% and that of non-food products by 4. .0%. For non-food products, the variations range from an increase of 0.1% for “Health” to 12.8% for “Transport”, indicates the HCP.
Under these conditions, the core inflation indicator, which excludes products at volatile prices and products at public prices, would have increased by 0.3% in August 2022 compared to the month of July 2022 and 6.6% compared to August 2021.