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Morocco’s Inflation Climbs to 1.1% in Q2 2026, Led by Energy and Fuel Price Gains
Morocco’s inflation rate is estimated at 1.1% year‑over‑year for the second quarter of 2026, reversing a modest decline in the previous quarter. The increase is mainly driven by higher energy and fuel prices, which pushed non‑food prices up 2.5%, while the fall in food prices slowed down. Underlying prices also showed a slight improvement, with core inflation moving to -0.2% from -1.0% a quarter earlier, suggesting a mild shift in price dynamics.
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Key Takeaways
- Overall inflation: 1.1% year‑over‑year in Q2 2026.
- Energy & fuel impact: Energy component added +0.8 points, driving non‑food prices up 2.5%.
- Food prices: The decline slowed from -1.1% to -0.7%, with red‑meat prices rising.
- Core inflation: Slightly improved to -0.2% from -1.0% in the previous quarter.
The High Commission for Planning (HCP) reported that the modest rise in inflation is largely attributable to higher energy and fuel costs. Fuel price increases alone contributed roughly 0.8 percentage points to the overall rate, pushing the broader non‑food price index up by 2.5% after a more modest 0.7% gain in the prior quarter.
On the food side, price reductions continued but at a slower pace; the food inflation rate narrowed from a 1.1% decline to a 0.7% decline, impacted by an upward trend in red‑meat prices. Meanwhile, underlying or core inflation—excluding volatile items—showed a mild improvement, moving to -0.2% versus -1.0% a quarter earlier.
These figures suggest that while inflationary pressure is re‑emerging, the overall environment remains relatively low‑inflationary, giving policymakers some breathing room.