Core Inflation in Morocco Dips Below 2%, Signaling Economic Stabilization
Morocco's core inflation rate, a critical economic measure that excludes volatile components like energy prices, fell below 2% in March 2024, according to a recent report from the High Commission for Planning (HCP). This decline marks a welcome shift from the high inflation that had gripped the nation in recent years, reaching a staggering 6.6% in 2022 the highest level in over two decades.
The HCP's monthly update showed that core inflation rose by a modest 0.3% in March 2024, with an annualized rate of 2.4%. This measure, which tracks the change in prices while excluding highly volatile commodities, helps gauge the underlying inflationary pressures within the economy.
Despite the positive trend in core inflation, the Consumer Price Index (CPI), which measures the average price of a basket of goods and services, provided a more complex view. The CPI rose by 0.7% month-over-month, driven by a 1.7% increase in food prices and a 0.1% uptick in non-food products.
The report identified the key factors behind the rise in food prices, pointing to an 11.6% surge in fish and seafood prices, a 3.1% increase in fruit prices, and a 2.5% rise in vegetable prices. Other staples, like meat, milk, cheese, and eggs, also saw noticeable price hikes, though less steep.
Inflation varied across different cities, with Al Hoceima experiencing the sharpest increase at 1.5%, followed by Laayoune at 1.3%, Tangier and Safi at 1.2%, and Marrakech and Dakhla at 1.1%.
The report's findings align with the HCP's forecast, which predicts a continued decline in inflation throughout 2024. A report released in July 2023 suggested that as external pressures ease, Morocco's inflation could drop to an average of 2.3% in 2024, inching closer to the desired 2% rate.
As Morocco navigates the complex economic landscape, the stabilization of core inflation serves as a sign of hope, indicating a potential return to more sustainable price levels. This trend could offer much-needed relief to both consumers and businesses.
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