Morocco: Annual Inflation at 0.3% in November

In November 2025, the consumer price index (CPI) in Morocco decreased by 0.6% compared to the previous month. This decline was primarily due to a 1.3% drop in the food price index, while the index for non-food products remained stable. The most significant decreases in food prices between October and November 2025 were observed in "Fruits" at 6.4%, "Oils and fats" at 5.2%, "Meat" at 1.9%, "Fish and seafood" at 0.4%, and "Coffee, tea, and cocoa" at 0.2%. Conversely, prices for "Vegetables" increased by 2.3%, and "Milk, cheese, and eggs" rose by 0.3%. For non-food products, the only notable increase was in "Fuels," which rose by 0.2%. The largest decreases in the CPI were recorded in Errachidia at 1.4%, Settat and Al-Hoceima at 1.2%, and Safi and Beni-Mellal at 1.1%. Other cities such as Guelmim, Oujda, and Laâyoune saw decreases of 0.9% and 0.7%, respectively, while Casablanca experienced a 0.6% drop. Compared to the same month last year, the consumer price index showed a decrease of 0.3% in November 2025, attributed to a 1.2% decline in the food price index and a 0.4% increase in the non-food index. Variations in non-food products ranged from a 1.5% decrease in "Transport" to a 2.5% increase in "Restaurants and hotels." Under these conditions, the underlying inflation indicator, which excludes volatile prices and public tariffs, fell by 0.4% in November 2025 compared to October 2025 and by 0.9% compared to November 2024.