Morocco’s Inflation Hits 6.1% in 2023, Food Prices Surge 12.5%

2023, with the surge in inflation, has been a difficult year for Moroccans. The average annual consumer price index (CPI) recorded an increase of 6.1% compared to the year 2022, the HCP specifies in an information note on the CPI. According to the explanations of the HPC, this increase is the result of the rise in the food products index of 12.5% and that of non-food products of 1.7%.

The variations range from 0.1% for "Transport" to 5.7% for "Restaurants and hotels". The underlying inflation indicator would be up 5.9% over the year 2023 compared to the year 2022, the note states, stressing that the largest increases in the annual CPI were recorded in Al-Hoceima with 10.1%, in Beni-Mellal with 8.8%, in Errachidia with 8%, in Laâyoune with 7.7%, in Safi with 7.5%, in Marrakech and Tétouan with 7.1%, in Oujda with 7% and in Fez with 6.8%.

During the month of December, the CPI fell by 0.1% compared to the previous month, the HPC indicates. This variation results from a 0.2% drop in the food products index and a 0.1% drop in the non-food products index. In this sense, the declines in food products observed between November and December 2023 mainly concern "Fish and seafood" with 2.6%, "Fruits" with 2.5%, "Vegetables" with 1.5% and "Coffee, tea and cocoa" with 0.1%, the note also specifies.

On the other hand, prices increased by 1.6% for "Meats", 0.5% for "Oils and fats" and 0.2% for "Milk, cheese and eggs". As for the drop in non-food products, it mainly concerned the prices of "Fuels" with 2.6%. "Under these conditions, the underlying inflation indicator, which excludes volatile price products and public tariff products, would have increased by 0.2% in December 2023 compared to the previous month," the note adds.