Core inflation, which excludes products with volatile prices and products with public tariffs, remains low, standing at 0.4% in January 2021, according to Bank Al-Maghrib (BAM).
The evolution of this inflation mainly reflects the attenuation of the drop in its food component to -0.3%, after -0.6%, itself attributable to a 2.7% increase in the prices of “oils”. and a less pronounced decline in those of “fresh meats” to 3.6%, explains the Central Bank in its report on monetary policy, published at the end of the first quarterly meeting of its Council for the year 2021. The prices of “transport” excluding products with regulated tariffs increased, for their part, by 1.1% after 0.5% on average between October and December, the same source said.
The report further highlights that the breakdown into tradable and non-tradable goods indicates that the trend in core inflation reflects the acceleration from 0.1% to 0.4% in the rate of increase in prices of goods. tradables, itself linked to the rise in imported inflation as evidenced by inflation in the euro zone, which stood at 0.9% in January.
The prices of non-tradable products continued to move at an almost stable rate of 0.3% instead of 0.4%, adds BAM.