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Morocco June CPI drops 0.4% month‑on‑month, driven by lower food prices
Morocco’s consumer price index (CPI) fell 0.4% in June 2026 compared with May, mainly because food prices slipped sharply. The decline was led by a 5.2% drop in vegetables, while non‑food items also eased, notably fuels which fell 2.9%. Year‑on‑year the CPI is up 0.3% due to higher non‑food prices, but core inflation remains largely unchanged, suggesting no immediate pressure on monetary policy.
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June 2026 CPI Overview
The consumer price index (CPI) in Morocco fell 0.4% in June 2026 compared with May, reflecting a combined decline of 0.8% in food items and 0.2% in non‑food items.
Food‑price dynamics
Among food categories, vegetables led the drop with a 5.2% reduction, followed by dairy products (milk, cheese, eggs) down 1.9%, meat and bread & cereals each down 0.3%, and oils & fats down 0.1%. Prices rose for fish & seafood (+3.4%), fruits (+0.8%) and coffee, tea & cocoa (+0.2%).
Non‑food items
The only notable non‑food price decrease was for fuels, which fell 2.9%.
Regional variations
The strongest CPI declines were recorded in Beni‑Mellal (‑2.0%), Kenitra (‑1.7%) and Errachidia (‑1.4%). In contrast, Safi saw a 0.4% increase and Oujda a modest 0.1% rise.
Year‑on‑year perspective
Compared with June 2025, the CPI rose 0.3% in June 2026, driven by a 2.3% increase in non‑food items offset by a 2.3% fall in food items. Within non‑food categories, communication prices fell 0.3% while transport surged 6.7%.
Core inflation
Core inflation, which strips out volatile items and regulated prices, edged up 0.2% month‑on‑month and slipped 0.1% year‑on‑year.