Morocco Sees 2nd Straight Month of Deflation

The consumer price index in Morocco decreased by 0.8% year-on-year in January 2026, extending a 0.3% fall in each of the previous two months. Downward pressure came from prices of food & non-alcoholic beverages (-2.4% vs -1.5% in December); transportation (-2.9% vs -1.4%); communication (-0.4% vs -0.4%) and recreation & culture (-0.4% vs -0.5%). Bucking the trend, alcoholic beverages and tobacco (+3.7%); miscellaneous goods and services (+2.8%); restaurants and hotels (+2.3%); and education (+2.1%) recorded the largest price increases. On a monthly basis, the CPI rose by 0.3% in January, after a 0.1% decrease in the prior month.

Consumer prices in Morocco fell 0.3% year on year in December 2025, matching the pace seen in November. It marked the second consecutive month of deflation, as prices continued to decline for food (-1.5% vs -1.5% in November), transport (-1.4% vs -1.5%), communication (-0.4% vs.-0.3%), and leisure and culture (-0.5% vs -0.6%). By contrast, upward price pressures came from housing and utilities (0.6% vs 0.6%), clothing and footwear (0.9% vs 0.7%), healthcare (0.3% vs 0.2%), education (2.1% vs 2.1%), alcoholic beverages and tobacco (3.5% vs 3.4%), furnishings (0.7% vs 0.7%), restaurants and hotels (2.8% vs 2.5%), and miscellaneous goods and services (1.7% vs 1.7%). On a monthly basis, the CPI edged down 0.1% in December, following a 0.6% fall in each of the previous two months, which was the steepest monthly decline since January 2024. For the full year 2025, headline and core inflation averaged 0.8%.

The consumer prices in Morocco fell 0.3% from a year earlier in November 2025, after edging up 0.1% in October. It marked the first deflation since December 2020, as food prices fell the most since March 2021 (-1.5% vs -0.5% in October) while transport prices continued to decline (-1.5% vs -1.9%). Additionally, inflation moderated for housing and utilities (0.6% vs 0.7%), clothing and footwear (0.7% vs 0.8%), and healthcare (0.2% vs 0.3%) while it remained steady for education (2.1%) and alcoholic beverages and tobacco (3.4%). By contrast, inflation accelerated for furnishings (0.7% vs 0.6%), restaurants and hotels (2.5% vs 2.4%), and miscellaneous goods and services (1.7% vs 1.5%). Core inflation, which excludes volatile prices and products subject to public tariffs, dropped by 0.9%, the steepest decline since the data began in 2020, following a 0.2% fall in October. Monthly, the CPI fell 0.6% in November, the same pace as in October, remaining the steepest decline since January 2024.