CPI down 0.9% in June 2023

CPI down 0.9% in June 2023

Inflation continues its downward trend in Morocco. According to the latest information note from the High Commission for Planning (HCP), the consumer price index (CPI) recorded a decrease of 0.9% compared to the previous month. The core inflation indicator increased by 0.1% over one month and 5.6% over one year.

In June 2023, the consumer price index fell by 0.9% compared to the previous month. This variation is the result of the 2.4% drop in the food products index and the 0.1% increase in the non-food products index, according to the latest information note from the HCP.

The main decreases in food products between the months of May and June 2023 concern the following categories: “Fish and seafood” with 6.4%, “Vegetables” with 5.5%, “Meats” with 4.3%, “Fruits” with 3.5%, “Milk, cheese and eggs” with 1.0%, “Oils and fats” with 0.4% and “Bread and cereals” with 0. .2%.

On the other hand, prices increased by 1.3% for “Mineral waters, soft drinks, fruit and vegetable juices”. With regard to non-food products, the decline mainly concerned the prices of “Fuels” with 0.2%.

The largest CPI drops were recorded in Beni-Mellal with 2.2%, Safi with 2.1%, Settat with 1.9%, Kenitra and Dakhla with 1.8%, Meknes and Al-hoceima with 1.5%, Oujda with 1.4%, Fez with 1.2%, Tetouan and Errachidia with 1.1%, Marrakech, Tangier and Laâyoune with 0.8% and in Casablanca with 0.7%“, indicates the HCP.

Compared to the same month of the previous year, the consumer price index recorded an increase of 5.5% during the month of June 2023. This increase is mainly due to the increase in the index of food products by 12.7% and that of non-food products by 0.6%.

Among non-food products, there are variations ranging from a decrease of 5.6% in the “Transport” category to an increase of 6.0% in the “Restaurants and hotels” category.

Under these conditions, the core inflation indicator, which excludes products at volatile prices and products at public prices, would have increased slightly by 0.1% in June 2023 compared to May 2023 and an increase of 5.6% compared to June 2022.


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