Consumer Prices in Morocco Rise 1% in First Half of 2024, Food Costs Lead Increase

During the month of June, the CPI increased by 0.4% compared to the previous month. This variation is explained by the 0.5% increase in the index of food products and the 0.3% increase in the index of non-food products. As for the underlying inflation indicator, excluding volatile price products and regulated price products, it increased by 0.3% from one month to the next and by 2.4% over a year.

Between May and June, prices increased for fruits (4.5%), meats (2.2%), coffee, tea and cocoa (0.6%), fish and seafood (0.5%) and sugar, jam, honey, chocolate and confectionery (0.2%). On the other hand, a drop in prices was noted for vegetables (-1.6%), milk, cheese and eggs (-1.2%), and oils and fats (-0.4%). As for the price of gas, it increased by 10.9%.

Al Hoceima tops the list of cities where the CPI recorded the strongest increases at 1.8%. This is followed by Errachidia with 1.5%, Marrakech (1%), Fez and Oujda (0.7%), Tétouan, Guelmim and Safi (0.6%), Agadir (0.5%), Meknes, Laayoune and Beni-Mellal (0.4%), Casablanca (0.2%) and Rabat and Settat (0.1%). However, decreases were noted in Kenitra and Dakhla (-0.3%) and Tangier (-0.1%).

In the second quarter of 2024, the Household Confidence Index (HCI) recorded an increase compared to the previous quarter and the same period in 2023, according to the results of the permanent household survey conducted by the High Commission for Planning (HCP).