Morocco CPI Rebounds in September

Consumer prices in Morocco rose by 0.5% year-on-year in September 2026, recording their strongest increase since May. The rebound followed two consecutive months of deflation in July and August. Upward pressure came primarily from prices of transportation (9.4% vs 7.3% in August), alongside miscellaneous goods & services (3.9% vs 3.2%) and alcoholic beverages & tobacco (3.9% vs 3.9%) and restaurants & hotels (2.9% vs 2.3%). On a monthly basis, consumer prices advanced by 1% in September, the most since March, after rising by 0.8% in the month before. The highest rates were seen for food & non-alcholic beverages (1.7%), transportation (1%) and education (1.2%).

Consumer prices in Morocco fell by 0.3% year-on-year in August 2026, following a 0.6% decrease in July, as deflation persisted for a second straight month. Food and non-alcoholic beverages posted a sharper price decline of 4.2% in August, compared with 4.0% in July, while communication prices fell 0.2% for a second month. Meanwhile, inflation moderated for housing and utilities (1.4% vs 1.5%) and restaurants and hotels (2.3% vs 2.4%). On the other hand, price growth accelerated sharply for transportation (7.3% vs 4.1%). The core inflation index, which excludes products with volatile prices and those subject to public tariffs, increased by 0.2% from July and by 0.1% from August 2025. On a monthly basis, the CPI rose by 0.8%, after a 1% decline in the previous month.

Consumer prices in Morocco fell 0.6% from a year earlier in July 2026, reversing a 0.3% rise in June 2026 and marking the first decline since February. The decline came as food prices fell 3.7% year-on-year, deepening from a 2.5% drop in the previous month, while non-food inflation slowed to 1.9% from 2.3%. Among major components, prices decreased for communication (-0.2% vs -0.3% in June), while prices moderated for transport (4.1% vs 6.7%), clothing and footwear (0.7% vs 0.8%), and furnishings (0.9% vs 1.2%). Meanwhile, inflation remained unchanged for education (2.1%) and health (0.3%). By contrast, inflation accelerated for housing and utilities (1.5% vs 1.4%) and restaurants and hotels (2.4% vs 2.1%), while recreation and culture was unchanged after shrinking 0.2% in June. On a monthly basis, consumer prices dropped 1.0%, following a 0.4% decrease in June, marking the steepest decline since April 2011.