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Morocco's Consumer Price Index Drops 0.8% in January 2026, Food Prices Lead the Decline
Morocco’s High Commission for Planning (HCP) announced that the Consumer Price Index (CPI) fell by 0.8% in January 2026 compared with the same month of the previous year. The drop was driven mainly by a 2.1% reduction in food prices, while non‑food items edged up 0.4%. On a month‑to‑month basis the CPI rose 0.3% from December 2025, reflecting higher food costs and a slight dip in non‑food prices. Regional data showed the strongest CPI gains in Beni Mellal and Settat, while Dakhla and Tangier recorded modest declines.
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The High Commission for Planning (HCP) reported that Morocco’s Consumer Price Index (CPI) fell by 0.8 % in January 2026 compared with the same month in 2025.
Food versus non‑food performance
The overall decline is largely the result of a 2.1 % drop in the food price index, while the non‑food index registered a modest increase of 0.4 %.
- Food items: Prices fell overall, highlighted by a 3.1 % decrease in oils and fats and a 0.3 % drop in dairy products (milk, cheese, eggs). The only notable increases were in fish & seafood (+10.4 %), vegetables (+2.7 %), fruits (+0.7 %), meats (+0.4 %) and coffee, tea & cocoa (+0.2 %).
- Non‑food items: The biggest decline was seen in fuels, down 5.9 %. Other categories showed mixed movements, ranging from a 2.9 % fall in transport to a 2.8 % rise in miscellaneous goods and services.
Month‑on‑month change
Compared with December 2025, the CPI rose 0.3 % in January. This increase stemmed from a 0.8 % rise in the food index offset by a 0.1 % fall in the non‑food index.
Regional CPI movements
The strongest month‑on‑month CPI gains were recorded in:
- Beni Mellal (+1.5 %)
- Settat and Al‑Hoceima (+0.7 % each)
- Guelmim and Safi (+0.6 % each)
- Marrakech (+0.5 %)
- Agadir (+0.4 %)
- Casablanca, Tetouan and Meknes (+0.3 % each)
Conversely, modest declines were observed in Dakhla (‑0.3 %), Tangier (‑0.2 %) and Fez (‑0.1 %).
Underlying inflation
The core inflation indicator – which excludes volatile items and products with regulated prices – remained flat compared with December 2025 and was 1.2 % lower than in January 2025.