Morocco's CPI Shows Annual Growth
In September 2026, Morocco's consumer price index (CPI) experienced a modest annual increase of 0.5% compared to the same month in the previous year, as reported in the latest information note released by the High Commission for Planning (HCP). This gradual rise in consumer prices reflects a range of economic factors and indicates a nuanced landscape for Moroccan consumers as they navigate the market.
On a monthly basis, the CPI saw a slight uptick of 0.1% from August to September 2026. This increase was primarily driven by a notable 1.6% rise in the food products index, alongside a 0.4% increase in non-food items. The food sector particularly witnessed significant price hikes, with staples such as meat and vegetables seeing a substantial increase of 4.3%. Dairy products, including milk, cheese, and eggs, also experienced a rise of 1.6%. Other food items like mineral water, soft drinks, and juices increased by 0.2%, while fruits saw a minor increase of 0.1%. However, these gains were somewhat offset by a decrease in prices for fish and seafood, which fell by 0.4%, and coffee, tea, and cocoa, which saw a 0.3% decline.
In the non-food sector, the price growth was largely attributed to rising energy costs, particularly as fuel prices climbed by 2.0% month-on-month. This increase in energy costs is a critical factor influencing the overall inflation landscape in Morocco.
Regional Variations in Price Movements
Price movements across various regions in Morocco displayed considerable variation. Laayoune recorded the sharpest increase in consumer prices at 2.8%, followed closely by Beni-Mellal at 2.4%. Other cities like Guelmim (1.6%), Marrakech (1.4%), Rabat (1.3%), and Settat (1.1%) also noted significant increases. More moderate price growth was observed in cities such as Fès and Kénitra (1.0%), Meknès and Dakhla (0.8%), Agadir and Errachidia (0.7%), Casablanca and Tangier (0.6%), and Safi (0.5%). In contrast, Al-Hoceima was the only city surveyed to report a decline in the CPI, which slipped by 0.3%.
When compared to September 2025, the overall inflation rate of 0.5% reveals differing dynamics across sectors. While non-food products surged by 2.8%, the food index experienced a decline of 2.5%. The non-food inflation was significantly driven by transportation costs, which skyrocketed by 9.4% over the year. Interestingly, communication costs remained stable, showing no change throughout the same period.
When considering core inflation—excluding volatile items and regulated tariffs—the core inflation indicator rose by 0.5% in September compared to August 2026, marking a year-on-year increase of 0.6% relative to September 2025. These figures reflect the ongoing economic adjustments and consumer experiences in Morocco.
As reported by middle-east-online.com.
