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Morocco Sees Modest Inflation Decline to 0.3% in August 2026
Morocco's consumer price index (CPI) dropped by 0.3% in August 2026, marking a positive shift after previous months of rising inflation. While food prices continued to fall sharply—especially seafood and dairy—the non-food sector showed mixed results, with fuel prices leading the rise at 9.8%. Regional hotspots included coastal areas like Al-Hoceima and inland cities such as Tétouan and Oujda.
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Morocco Sees Modest Inflation Decline to 0.3% in August 2026
According to the High Commission for Planning (HCP), the Consumer Price Index (CPI) in Morocco fell by 0.3% in August 2026 compared to the same month last year. This modest decrease reflects a cooling trend in domestic prices.
Key Drivers of Inflation Change
- Food Prices: Continued downward pressure, particularly in "Seafood and seafood" (-3.9%) and "Dairy, cheese and eggs" (-2.8%).
- Non-Food Prices: Mixed performance. Communication services declined slightly (-0.2%), while Transport prices rose significantly (+7.3%).
- Overall Trend: Compared to July 2026, CPI increased by 0.8% due to gains in both food and non-food categories.
Regional Hotspots
The highest inflation rates were recorded in several regions: Al-Hoceima (1.6%), Agadir (1.4%), Tétouan, Safi and Beni-Mellal (1.2%), Oujda (1.1%), Fès (1%), Tanger (0.9%), and major cities including Casablanca, Kénitra, Marrakech, Meknès, Laâyoune, Dakhla, and Guelmim (0.5%-0.6%).
Sub-Indicator Analysis
The sub-index of inflation, excluding volatile and public-priced goods, rose by 0.2% from July to August 2026 and 0.1% from August 2025 to August 2026.
Economic Outlook
With inflation showing signs of moderation, the Moroccan economy appears to be stabilizing. However, persistent rises in fuel prices (up 9.8%) and non-food categories warrant continued monitoring by policymakers.