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Moroccan Inflation Falls 0.6% in July: Food Prices Lead the Way
<p>A recent report shows Morocco's inflation rate dropped by 0.6% in July 2026 compared to July 2025, primarily driven by falling food prices. Non-food items saw a 1.9% increase, though overall declines in key categories like vegetables and meat contributed to the trend. Regional variations were noted, with major cities experiencing reductions up to 1.7%. This decline aligns with lower underlying inflation, excluding volatile prices.</p><p>The report highlights shifts in consumer spending patterns, with significant decreases in agricultural products and moderate increases in non-essential goods. Analysts suggest this trend may ease consumer pressure and influence central bank decisions in the near term.</p>
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Moroccan Inflation Drops 0.6% in July 2026
The Moroccan inflation rate, measured by the Consumer Price Index (CPI), fell by 0.6% in July 2026 compared to July 2025, according to the High-Plan Commission (HCP). This decline was driven by a significant drop in food prices (-3.7%) offsetting a rise in non-food items (+1.9%), HCP stated in its July 2026 report.
- Food Prices: Key declines included vegetables (-7.6%), fish and seafood (-3.9%), fruits (-3.7%), meat (-1.2%), and dairy/eggs (-0.3%).
- Non-Food Prices: Energy (-4.9%) and communication (-0.2%) saw the largest drops.
Monthly comparisons show a 1% IPC decline from June 2026, with food prices dropping 1.9% and non-foods declining 0.3%. Underlying inflation, excluding volatile items, fell 0.1% month-over-month.
Regional Impacts
Reductions were strongest in Marrakech (-1.7%), Safi (-1.4%), and Casablanca (-1%), while smaller declines (-0.3% to 0.9%) were recorded in other regions like Dakhla and Errachidia.