The High Commission for Planning (HCP) reported that Morocco's inflation rate dropped by 0.3% in August 2026 compared to the same period last year. This decrease is attributed to a 3.9% decline in the food products index and a 2.5% increase in the non-food products index. The HCP released this data in its recent information note, providing insights into the country's economic trends.
The HCP noted that the non-food products index experienced varied changes, ranging from a 0.2% decrease in the "Communication" sector to a 7.3% increase in the "Transport" sector. In contrast, compared to July 2026, the Consumer Price Index (CPI) rose by 0.8% in August, driven by a 0.9% increase in the food products index and a 0.7% rise in the non-food products index.
The increase in food products between July and August 2026 was primarily observed in "Fish and seafood" and "Milk, cheese, and eggs," which rose by 2.8%, followed by "Meat" (2.2%), "Vegetables" (1%), and "Coffee, tea, and cocoa" (0.3%). Conversely, fruit prices decreased by 1.9%. For non-food products, the most notable increase was in "Fuel" prices, which surged by 9.8%.
The HCP also reported that the highest increases in the CPI were recorded in Al-Hoceïma (1.6%), Agadir (1.4%), Tétouan, Safi, and Béni-Mellal (1.2%), Oujda (1.1%), Fès (1%), Tanger (0.9%), Rabat, Settat, and Errachidia (0.8%), Marrakech, Meknès, Laâyoune, Dakhla, and Guelmim (0.6%), and Casablanca and Kénitra (0.5%).
Furthermore, the HCP's underlying inflation indicator, which excludes volatile and publicly tariffed products, increased by 0.2% in August 2026 compared to July 2026 and by 0.1% compared to August 2025. This indicator provides a more stable measure of inflation, unaffected by short-term fluctuations.
The HCP's data suggests that Morocco's inflation rate is experiencing a downward trend, driven primarily by decreases in food prices. However, certain sectors, such as transport and fuel, have seen significant increases. The data will likely be used by policymakers to inform economic decisions and strategies.
The release of this data by the HCP is crucial for understanding Morocco's economic landscape and will be closely monitored by stakeholders, including businesses, investors, and consumers. The trends and patterns identified will help in making informed decisions about investments, pricing, and resource allocation.
Key points
- Morocco's inflation rate decreased by 0.3% in August 2026.
- The food products index declined by 3.9%, while the non-food products index increased by 2.5%.
- The underlying inflation indicator rose by 0.2% in August 2026 compared to July 2026.
