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Morocco's Consumer Price Index Stabilizes as Core Inflation Climbs
Morocco's consumer prices held steady in September 2024, while core inflation continued its upward trajectory, according to the latest report from the High Commissioner of Planning (HCP). The data reveals a complex economic landscape marked by regional variations and sector-specific price fluctuations.
Price Stability Amid Mixed Signals
The Consumer Price Index (CPI) maintained its previous month's level, achieving stability through offsetting movements in key sectors. Food prices experienced a marginal decline of 0.1%, while non-food items saw an equivalent increase, effectively neutralizing overall price movement.
Year-over-year comparison shows the CPI rising by 0.8%, with food prices up 0.6% and non-food products increasing by 1.0%. This marks a moderation from August's more pronounced year-over-year increase of 1.7%.
Food Price Dynamics
Significant price movements in the food sector included:
- Fish and seafood: -6.1%
- Fruits: -2.2%
- Beverages: -0.3%
- Vegetables: +2.7%
- Meat, coffee, tea, and cocoa: +0.4%
- Oils and fats: +0.3%
Non-Food Sector Trends
The non-food sector witnessed notable shifts:
- Fuel prices: -3.2%
- Transportation costs: -2.4%
- Housing, utilities, and related services: +3.6%
Regional Variations
Price movements showed significant regional disparities:
Increases:
- Guelmim: +0.6%
- Dakhla: +0.5%
- Settat: +0.4%
- Multiple cities (Kenitra, Rabat, Laayoune, Safi, Beni-Mellal, and Errachidia): +0.3%
- Casablanca: +0.2%
Decreases:
- Al-Hoceima: -2.7%
- Agadir: -0.7%
- Tetouan and Tangier: -0.2%
- Fez and Oujda: -0.1%
Core Inflation Trends
The core inflation indicator, which excludes volatile prices and public tariffs, showed more pronounced movement:
- Monthly increase: +0.3%
- Year-over-year increase: +2.4%
These figures suggest underlying inflationary pressures persist despite overall price stability, presenting ongoing challenges for economic policymakers and consumers alike.