Slight Annual Increase in Inflation in Morocco in March 2025, Despite Monthly Decline in the CPI

4 days ago

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The Consumer Price Index (CPI) registered an annual increase of 1.6% in March 2025 compared to the same month the previous year, according to data published by the High Commission for Planning (HCP).

This change is primarily attributed to a 2.2% rise in food prices and a 1.1% increase for non-food products, as noted by the HCP in its monthly information report.

Regarding non-food products, the variations are mixed: while transportation prices decreased by 2.4%, prices for restaurants and hotels surged by 3.9%.

In comparison to February 2025, however, the CPI fell by 0.3% in March. This decline is due to a 0.7% drop in food prices, while non-food products remained relatively stable.

Among the food items contributing to this monthly decrease, we note:

a 4.7% decrease in meat prices,
a 2.0% drop for milk, cheese, and eggs,
a 1.4% decline for oils and fats,
a slight decrease in fish and seafood (-0.3%) and non-alcoholic beverages (-0.2%).

Conversely, certain categories saw price increases: vegetables experienced a spike of 4.9%, and fruits rose by 1.7%. Additionally, among non-food products, fuel prices recorded a significant decline of 1.8%.

Regionally, the most significant decreases in the CPI were observed in:

Guelmim (-1.8%),
Laâyoune (-1.5%),
Dakhla (-1.1%),
Settat (-0.9%),
Errachidia (-0.8%),
Safi and Béni Mellal (-0.6%),
Tétouan (-0.4%),
and several major cities such as Casablanca, Fez, Marrakech, and Tangier (-0.3% each).

In contrast, increases were observed in Kénitra and Al-Hoceima, with a rise of 0.9% in each of these cities.

Finally, the core inflation indicator—excluding volatile priced goods and publicly priced items—fell by 0.6% between February and March 2025, although it remains up by 1.5% year-on-year.