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Morocco’s Inflation Expected to Edge Up to 1.1% in Q2 2026
The Haut‑Commissariat au Plan (HCP) says Morocco’s consumer price index will rise 1.1% year‑on‑year in the second quarter of 2026, reversing a 0.1% dip from the previous quarter. The increase is driven mainly by higher energy and fuel costs, while food price declines have slowed. Core inflation also shows a modest improvement, moving to –0.2% from –1.0% a quarter earlier, indicating that price pressures are re‑emerging but remain limited.
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According to the latest quarterly report from the Haut‑Commissariat au Plan (HCP), Morocco’s overall consumer price index (CPI) is projected to rise 1.1% year‑on‑year in the second quarter of 2026, reversing a modest 0.1% decline recorded in the previous quarter.
Energy Prices Fuel the Upswing
The rebound is largely driven by higher energy costs. The HCP notes that fuel prices alone contributed +0.8 percentage points to the inflation figure, pushing non‑food prices up by 2.5% after a 0.7% increase in the prior quarter.
Food Prices Lose Momentum
Meanwhile, the decline in food prices has slowed. The annual change moved from –1.1% to –0.7%, with red‑meat prices inching higher.
Underlying Inflation Turns Slightly Positive
Core inflation, which strips out volatile items, edged to –0.2% in Q2, compared with –1.0% in Q1, indicating a marginal improvement.
These figures suggest that while price pressures are re‑emerging, they remain modest and centered on energy, with the broader inflation outlook staying relatively tame.