Morocco’s inflation rose by an annual rate of 5% at the end of August 2023. The growth in inflation is mainly due to a sweeping 10% rise in food prices, and a 1.3% rise in non-food items, a report from the Higher Commission of Planning (HCP) indicates.
Meanwhile, the core inflation index, which excludes volatile price products and public tariff products, rose by an annual rate of 4.9% in the first eight months of 2023. Compared to the previous month, inflation rose by 0.3% in August, underpinned by a 0.2% rise in the food product index and a 0.4% increase in the non-food products index.
The HCP report details that the month-on-month spike in food products covers fruits at 2.8%, vegetables, at 2.7% and more. While inflation is showing signs of easing in 2023, it remains below the recommended 2%.