Morocco’s core inflation rose to 2.6% in November over last year, in excess of the 2% target of Morocco’s central bank, Bank Al-Maghrib (BAM), according to an update from the county’s statistics office (HCP).
Core inflation, which excludes volatile items and government-regulated prices, rose 0.2% from October, driven by structural increases in housing, utilities, and services.
The consumer price index (CPI) fell slightly, however, led by a 0.4% overall drop in food prices, with significant decreases in fruit (-5.3%), vegetables (-1.1%), and seafood (-0.8%). Non-food items, however, remained steady, and fuel prices fell by 1.5%.
Despite the drop in CPI, food prices were still up 0.8% over last year, reflecting persisting global supply chain disruptions. Meanwhile, housing, water, and energy costs climbed 3.6% over last year.
Inflation in Morocco is expected to stabilize at the end of 2024, according to a statement from the country’s central bank on Tuesday. The statement projects that inflation will average 2.1% by the end of the year, down from a staggering 5.6% the previous year.
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