Inflation in Morocco continued to ease into early 2026, with price pressures slipping into negative territory at the end of 2025, according to new data from the country’s statistics office (HCP).
The overall inflation rate fell to -0.1% in the fourth quarter of 2025, down from +0.4% in the third quarter, reflecting three quarters in a row of deflation. The slowdown was driven mainly by lower food prices, which declined 0.7%, supported by cheaper poultry and edible oils, improved domestic supply, and easing global prices for cereals and legumes.
While non-food inflation remained constant at +0.4%, energy prices fell 1.1%, reflecting lower fuel costs. Core inflation also declined sharply, dropping to -0.7%.
The HCP expects prices to continue to drop in Q1 2026, forecasting overall inflation at -0.2% and core inflation at -1.1%, supported by improvements in food supply and stable energy prices.
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