Morocco CPI Rises in March

Morocco’s annual inflation rate slowed to 1.2% in May 2026 from 1.7% in the previous month. The main downward pressure came from a decline in food prices (-0.7% vs 0.6% in April), particularly food and non-alcoholic beverages (-0.9% vs 0.5%). Meanwhile, non-food inflation edged up slightly to 2.6% from 2.5%, as price growth accelerated in housing and utilities (1.5% vs 0.7%) and furniture, household items and routine home maintenance (1.2% vs 0.6%). On the other hand, inflation moderated in transport (8.1% vs 8.4%) and clothing and footwear (0.9% vs 1.0%), while prices declined for recreation and culture (-0.1% vs 0.2%). On a monthly basis, consumer prices fell by 0.9%, marking the first decline this year, following a 0.4% increase in the previous period.

Morocco's annual inflation rate picked up to 1.7% in April 2026 from 0.9% in the prior month, marking the highest level since February 2025. Main upward pressure came from prices of transportation (8.4% vs 0.8% in March), as supply disruptions linked to the ongoing Iran war pushed fuel costs higher. Solid price increases were also observed for alcoholic beverages & tobacco (3.8% vs 3.7%); miscellaneous goods & services (3.7% vs 3.5%); education (2.1% vs 2.1%) and restaurants & hotels (2.1% vs 2%). On a monthly basis, the CPI rose by 0.4%, following a 1.2% increase the month before.

Consumer prices in Morocco rose by 0.9% year-on-year in March 2026, after a 0.6% decrease in February, bringing an end to four consecutive months of deflation. This was largely driven by a rebound in prices of transportation (0.8% vs -2.7% in February) and food and non-alcoholic beverages (0.5% vs -2.2%). Additional upward pressure stemmed from prices of alcoholic beverages & tobacco (3.7% vs 3.7%); clothing & footwear (1% vs 0.9%); miscellaneous goods & services (3.5% vs 3.8%); restaurants & hotels (2% vs 2.1%) and education (2.1% vs 2.1%). On a monthly basis, consumer prices surged by 1.2%, the sharpest increase since April 2023, up from a 0.5% rise in February, mainly on account of transportation (3%) and food & non-alcoholic beverages (1.9%).