Morocco: Annual Inflation Drops to 0.1% in October 2025

In October 2025, the consumer price index (CPI) in Morocco experienced a decrease of 0.6% compared to the previous month. This decline was primarily due to a 1.3% drop in food prices, while non-food prices remained stable. The most significant reductions in food prices from September to October 2025 were observed in "Oils and fats" at 3.7%, "Meat" at 2.8%, "Vegetables" at 1.4%, "Fish and seafood" at 1.3%, "Fruits" at 0.9%, and "Milk, cheese, and eggs" at 0.2%. Conversely, prices for "Coffee, tea, and cocoa" rose by 0.2%. For non-food products, the primary decrease was in "Fuels," which fell by 0.6%. The most notable declines in the CPI were recorded in Al-Hoceima at 1.5%, Settat and Safi at 1.0%, Tétouan and Beni-Mellal at 0.9%, Agadir and Marrakech at 0.8%, Tanger at 0.7%, and Casablanca, Fès, Dakhla, and Guelmim at 0.6%. In contrast, Kénitra saw a slight increase of 0.2%. When compared to the same month last year, the consumer price index showed a year-on-year increase of 0.1% in October 2025, attributed to a 0.3% decrease in food prices and a 0.4% increase in non-food prices. The variations in non-food products ranged from a 1.9% decrease in "Transport" to a 2.4% increase in "Restaurants and hotels." Under these conditions, the underlying inflation indicator, which excludes volatile prices and public tariffs, recorded a decrease of 0.2% in October 2025 compared to September 2025 and October 2024.