Inflation continues to ease | L’Economiste

Food prices continue to soar. Their price index rose by 8.8% in October compared with the same period last year. A trip to the supermarkets and souks reveals the price of fruit and vegetables in particular. Statistics from the High Commissioner’s Office for Planning (HCP) show nevertheless that growth in the food component of inflation has slowed gradually since last March, from +20.1% year-on-year to +10.4% in August 2023.

Non-food inflation has also risen slightly, by 1.3%.  Variations range from a 0.6% fall for « leisure and culture « to a 4.9% rise for « restaurants and hotels «. Compared with the same period last year, the consumer price index rose by 4.3% in October.

Overall, inflation is slowing down, even though it remains above the central bank’s official target. From a year-on-year peak of 10.1% in February, inflation fell to 5% in August, and 4.9% in July and September, largely as a result of government measures. In addition, external pressures have eased and monetary policy has been tightened. The underlying component, which excludes products with volatile prices and products with public tariffs, rose by 4.3% compared with October 2022.

That said, a comparison of the October CPI with that of September shows a slight fall of 0.1%. This is attributed to a 0.4% fall in the food index and a 0.2% rise in the non-food index.

The main declines in food prices were for «fruit» (down 7.3%), «fish and seafood» (down 1.7%), «meat» and «bread and cereals» (down 1.2% and 0.2% respectively). On the other hand, prices rose by 3.2% for «vegetables», 2.1% for «oils and fats» and 0.5% for «milk, cheese and eggs» and «coffee, tea and cocoa». For non-food products, the rise was mainly in «fuel» prices, at 2%.

By city, the CPI fell by 2.6% in Beni-Mellal, 1.4% in Al-Hoceima, 1% in Safi and 0.7% in Meknes. Conversely, increases were recorded in Laâyoune (0.6%), Fez, Kenitra, and Rabat (0.5%) and Tangiers (0.2%).

Khadija MASMOUDI