Morocco's inflation indicator rises by over 5% in May, HCP

Morocco's inflation indicator rose by 1.2% month-on-month and 5.6% year-on-year, said the High Commission for Planning (HCP) on its latest note for May.

The consumer price index rose by 0.3% at the end of May, following an 0.6% increase in the non-food index, and a 0.2% decrease in the food index, added the same source.

The decreases in food products for the period between April and May 2022 were noticed for vegetables with 8.0%, Fruit with 6.0%, Fish and seafood with 5.6% and Milk, cheese, and eggs with 0.3%, said the same source.

HCP added that prices rose by 8.5% for oils and fats, meat by 2.3%, and bread and cereals by 0.7%.

For non-food products, fuel prices recorded an increase of 3%, according to the same source.

The largest increases in the CPI were recorded in Marrakech with an 0.8% increase, followed by Kenitra with 0.6%, Agadir, Casablanca, Oujda, Rabat, and Settat with 0.6%, and Meknes with 0.4%.

On the other hand, decreases were recorded in Dakhla with 1.5%, ahead of Fez with 1.2%, Safi with 0.6%, Laayoune with 0.5%, Al-Houceima with 0.3%, and Guelmim with 0.2%, HCP further specified.

Compared to the same month of the previous year, the consumer price index rose by 5.9% in May 2022, as a result of the 8.4% increase in the food index, and a 4.1% increase in the non-food products.

For non-food products, the variations range from an increase of 0.1% for Communication and Health to 14.0% for Transport, added HCP.

The inflation indicator, which excludes products with volatile prices and those set at public tariffs, increased by 1.2% in May 2022, and up by 1.2% compared to April 2022, and by 5.6% compared to May 2021, concluded HCP's note.

Inflation in Morocco has reached its highest level since 1995, said Bank Al Maghrib's (BAM) Wali, Abdellatif Jouahri during the press conference held Tuesday afternoon.