Morocco Inflation Slows to 1.2%

Morocco's annual inflation rate slowed sharply to 0.3% in June 2026, slowing for a second consecutive month, down from 1.2% in May. Food prices fell 2.5% year-on-year, deepening from a 0.9% decline in the previous month, while non-food inflation eased to 2.3% from 2.6%. Among major components, price growth moderated for transport (6.7% vs. 8.1%), housing and utilities (1.4% vs. 1.5%), restaurants and hotels (2.1% vs. 2.2%), and clothing and footwear (0.8% vs. 0.9%). Deflation in recreation and culture deepened slightly (-0.2% vs. -0.1%), while prices for communication continued to decline (-0.3%). Meanwhile, inflation remained unchanged for education (2.1%) and furnishings (1.2%), while health costs rose at a slightly faster pace (0.3% vs. 0.2%). On a monthly basis, consumer prices fell 0.4%, following a 0.8% decrease in May.

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.