Inflation in Morocco remains at a historically low level in 2025, easing pressure on households and allowing the central bank to keep monetary policy unchanged, according to a statement by Bank Al-Maghrib (BAM).
Consumer prices rose an average of 0.8% in the first ten months of the year, driven by lower fuel prices and improved supply of key food products, including olive oil, the central bank said in its latest policy statement. Inflation is expected to average 0.8% for the full year before gradually accelerating to 1.3% in 2026 and 1.9% in 2027.
Core inflation, which excludes volatile food and energy prices, stood at 0.7% in 2025 and is expected to remain at that level in 2026 before rising in 2027.
Against this backdrop, Bank Al-Maghrib held its benchmark interest rate at 2.25% at its December meeting, citing lingering global risks including geopolitical tensions, uncertainty over US trade policy, and climate-related shocks.
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