Morocco: Inflation at 0.3% Year-on-Year in August

In August 2025, the consumer price index (CPI) in Morocco experienced a rise of 0.5% compared to the previous month. This increase was driven by a 1.1% rise in the index for food products and a 0.1% increase in the index for non-food products. The notable increases in food prices between July and August 2025 were primarily seen in "Vegetables" at 3.4%, "Fruits" at 2.8%, "Fish and Seafood" at 2.0%, "Meat" at 1.9%, "Coffee, Tea, and Cocoa" at 0.5%, and "Milk, Cheese, and Eggs" at 0.4%. Conversely, prices for "Oils and Fats" decreased by 0.6%, and "Mineral Waters, Soft Drinks, and Fruit and Vegetable Juices" fell by 0.4%. For non-food products, the increase was mainly attributed to a 0.4% rise in "Fuels." The most significant CPI increases were recorded in Al-Hoceima at 2.2%, Beni-Mellal at 1.4%, Settat at 1.2%, and both Tangier and Safi at 1.1%. Other cities such as Kenitra, Agadir, Fez, Tetouan, Meknes, Laayoune, and Guelmim saw increases of 0.7%, while Errachidia recorded a 0.6% rise, Marrakech a 0.5% increase, and Rabat a 0.3% rise. In contrast, Dakhla experienced a decrease of 0.3%. When compared to the same month last year, the consumer price index showed an increase of 0.3% in August 2025, resulting from a 0.2% rise in the index for food products and a 0.3% increase for non-food products. For non-food items, the variations ranged from a decrease of 2.4% in "Transport" to an increase of 2.9% in "Restaurants and Hotels." Under these conditions, the underlying inflation indicator, which excludes volatile prices and public tariffs, remained stable in August 2025 compared to July 2025, while showing a 0.7% increase compared to August 2024.