In a significant economic development, Morocco’s High Commission for Planning has reported a decrease in the country’s annual inflation rate. Measured by the Consumer Price Index, the rate fell to 6.1% in 2023, down from 6.6% the previous year.
This decline marks a pivotal shift in Morocco’s economic landscape. The primary driver of inflation, food prices, saw a substantial increase of 12.5% compared to the preceding year. However, the inflation rate for non-food items was comparatively lower, with an increase of just 1.7%.
An important aspect of this economic shift is the rise in core inflation, which excludes more volatile goods. This rate increased by 5.9% last year, reflecting the underlying stability in the Moroccan economy.
The High Commission for Planning’s report indicates a nuanced picture of Morocco’s economic health. While the overall decrease in inflation offers a positive outlook, the significant rise in food prices highlights ongoing challenges in the cost of living for Moroccan citizens.
This latest economic data is crucial for investors and policy-makers, as it provides key insights into the Moroccan market’s trends and stability. It also sets the stage for strategic planning and policy adjustments aimed at continuing to control inflation and support economic growth in Morocco.
