Morocco: Annual Inflation at 0.5% in July 2025

In July 2025, the consumer price index (CPI) in Morocco experienced a decrease of 0.1% compared to the previous month. This change was driven by a 0.5% decline in food prices, while non-food prices rose by 0.2%. The most significant drops in food prices from June to July 2025 were observed in "Vegetables" at 4.7%, "Fruits" at 0.9%, "Oils and Fats" at 0.5%, "Bread and Cereals" at 0.3%, and "Meat" at 0.1%. Conversely, prices increased for "Milk, Cheese, and Eggs" by 2.7%, "Coffee, Tea, and Cocoa" by 0.6%, and "Fish and Seafood" by 0.4%. For non-food products, the most notable increase was in "Fuels," which rose by 3.5%. The largest decreases in the CPI were recorded in Meknès at 0.7%, Guelmim at 0.6%, Laâyoune and Settat at 0.5%, and Oujda at 0.3%. In contrast, price increases were noted in Errachidia at 0.8%, Al-Hoceima at 0.4%, and Tétouan at 0.2%. Compared to the same month last year, the consumer price index showed an increase of 0.5% in July 2025, attributed to a 0.9% rise in food prices and a 0.2% increase in non-food prices. For non-food products, variations ranged from a decrease of 2.9% in "Transport" to an increase of 3.4% in "Restaurants and Hotels." Under these conditions, the core inflation indicator, which excludes volatile prices and public tariffs, experienced a decrease of 0.1% in July 2025 compared to June 2025, while showing an increase of 0.9% compared to July 2024.