Stocks Market
Morocco Consumer Price Index Rises 0.9% in March 2026
Morocco's Consumer Price Index (CPI) rose by 0.9% in March 2026 compared to the same month last year, driven by increases in both food and non-food product prices. The High Commission for Planning (HCP) reported that food prices increased by 0.6% while non-food prices rose by 1.1%. The report also highlighted significant month-on-month increases in key food items like vegetables, fruits, and meats, while fuel prices surged by 10.7%. Inflation varied across regions, with the highest increases recorded in Guelmim and Al-hoceima.
Listen to this article
Unlock audio versions of premium articles and more with a Pro subscription.
Morocco's Consumer Price Index Rises 0.9% in March 2026
The High Commission for Planning (HCP) reported that Morocco's Consumer Price Index (CPI) increased by 0.9% in March 2026 compared to the same month last year. This growth was driven by a 0.6% rise in food product prices and a 1.1% increase in non-food product prices.
Among non-food products, the variations ranged from a 0.4% decrease in 'Recreation and Culture' to a 3.5% increase in 'Miscellaneous Goods and Services'.
Compared to February 2026, the CPI rose by 1.2% in March 2026, resulting from a 1.9% increase in food product prices and a 0.6% increase in non-food product prices.
The increases in food prices between February and March 2026 primarily concerned 'Vegetables' with 9.7%, 'Fruits' (2.6%), 'Meats' (2.4%), 'Fish and Seafood' (1.3%), and 'Coffee, Tea and Cocoa' (0.3%). In contrast, prices decreased by 2.4% for 'Oils and Fats' and 0.2% for 'Milk, Cheese and Eggs'.
For non-food products, the increase mainly concerned fuel prices, which rose by 10.7%.
The highest increases in the CPI were recorded in Guelmim and Al-hoceima with 2.7%, followed by Errachidia (1.8%), Agadir (1.6%), Safi (1.4%), Tanger (1.3%), Marrakech, Dakhla and Beni-Mellal (1.2%), Laâyoune (1.1%), Casablanca, Oujda and Tétouan (1%), Kénitra, Rabat and Meknès (0.9%), and Fès and Settat (0.7%).
Under these conditions, the underlying inflation indicator, which excludes volatile-priced products and products with public tariffs, would have increased by 0.1% month-on-month and decreased by 0.6% compared to March 2025.