According to the High Commission for Planning (HCP), in March 2023, the consumer price index (CPI) had an increase of 8.2% year over year.
According to the HCP’s most recent note on the March 2023 CPI, this development is the result of the index of food products rising by 16.1% and that of non-food products by 3%. It also notes that variations among non-food products range from an increase of 0.4% for “Health” to a 6.2% increase for “Restaurants and hotels.”
The CPI grew by 0.1% as compared to February 2023 as a consequence of an increase in the index of food items of 0.3% and a reduction in the index of non-food products of 0.1%.
Between February and March 2023, there were increases in the following food products: “Fruits” (3.4%), “Fish and seafood” (2.2%), “Milk, cheese, and eggs” (0.3%), “Coffee, tea, and cocoa” (0.2%), “Sugar, jam, honey, chocolate, and confectionery” (0.2%), and “Vegetables” and “Bread and cereals” (0.1%).
However, “Meat” prices increased by 0.8%, while “Oils and fats” prices decreased by 0.1%. With a 3.6% decrease, “Fuels” costs were the primary culprit for non-food items.
The cities with the biggest rises in the CPI were Guelmim (1.4%), Al-hoceima (1.2%), Beni-Mellal (0.8%), Marrakech (0.7%), Agadir (0.3%), Fez (0.3%), Tetouan (0.2%), Kenitra (0.2%), and Settat (0.2%). On the other hand, drops were seen in Safi, Oujda, and Rabat (all with 0.1%) as well as Casablanca and Errachidia (0.3%).
Under these circumstances, March 2023 would have seen an increase of 0.1% over February 2023 and an increase of 8.1% over March 2022 for the core inflation indicator, which excludes goods with volatile prices and goods with public pricing.