Food costs have climbed by 14.7%, according to Morocco’s High Commissioner for Planning, while non-food items have seen an increase of 4.4%.
On a monthly basis, the index increased by 1%.
The primary consumer price index, which does not include volatile goods, increased by 7% annually and by 0.8% monthly.
Last month, the Moroccan Central Bank increased the benchmark interest rate by 50 basis points to 2 percent, signalling the necessity of maintaining price stability.
The bank expected in a statement after its weekly meeting that inflation would rise to 6. 3 percent in 2022 from 1. 4 percent in 2021 against the backdrop of the rise in fuel prices in global markets, before it decreased to 2. 4 percent in 2023.
Due to the 14.1% increase in food costs in August of last year, Morocco’s inflation rate was 8 percent.
Morocco’s inflation is at its highest level since 1995.
About Author
