Overview of CPI Changes
The Consumer Price Index (CPI) experienced a notable decline of 0.8% in January 2026, primarily attributed to a significant 2.1% reduction in food prices. In contrast, non-food items recorded a modest increase of 0.4%.
Food and Non-Food Price Variations
For non-food products, the price fluctuations varied widely, with transportation costs decreasing by 2.9% while miscellaneous goods and services saw an increase of 2.8%. This diverse range highlights the differing trends within the non-food sector.
Monthly Comparison with December 2025
When compared to December 2025, the CPI recorded a slight increase of 0.3% in January 2026. This change was influenced by a 0.8% rise in food prices, countered by a 0.1% decline in non-food prices.
Key Food Price Changes
Significant increases in food prices were observed, particularly in seafood, which surged by 10.4%. Other notable increases included vegetables (+2.7%), fruits (+0.7%), meats (+0.4%), and coffee, tea, and cocoa (+0.2%).
Conversely, prices for oils and fats decreased by 3.1%, while dairy products, including milk, cheese, and eggs, saw a slight decline of 0.3%.
Non-Food Price Trends
Within the non-food category, the most significant price drop was seen in fuel costs, which fell by 5.9%. This decline reflects broader trends in energy prices.
Regional CPI Variations
Regionally, the highest CPI increases were recorded in Beni Mellal (+1.5%), followed by Settat and Al-Hoceima (+0.7%), and Guelmim and Safi (+0.6%). Other cities such as Marrakech (+0.5%), Agadir (+0.4%), and Casablanca, Tétouan, and Meknès (+0.3%) also experienced increases.
In contrast, declines were noted in Dakhla (-0.3%), Tanger (-0.2%), and Fès (-0.1%), indicating a varied inflation landscape across different regions.
Core Inflation Insights
The underlying inflation indicator, which excludes volatile prices and public tariffs, remained unchanged in January 2026 compared to December 2025. However, it reflected a 1.2% decrease when compared to January 2025, suggesting a longer-term trend of easing inflationary pressures.
