According to a recent report by the Haut-Commissariat au Plan (HCP), in October 2023, the Consumer Price Index decreased by 0.1% compared to the previous month. This decline is primarily attributed to a 0.4% drop in the food products index and a 0.2% increase in the non-food products index. As a result, the inflation rate is now at 4.3%.
The decline in food products between September and October 2023 primarily affected fruits (-7.3%), fish and seafood (-1.7%), meats (-1.2%), and bread and cereals (-0.2%). Conversely, prices rose for vegetables (3.2%), oils and fats (2.1%), and milk, cheese, eggs, coffee, tea, and cocoa (0.5%).
Within non-food products, a notable increase was observed in fuel prices, rising by 2.0%. The most significant declines in the Consumer Price Index were recorded in Beni-Mellal (2.6%), Al Hoceima (1.4%), Safi (1.0%), Meknès (0.7%), Settat (0.6%), Oujda (0.3%), and Marrakech and Dakhla (0.2%). However, increases were noted in Laâyoune (0.6%), Fès, Kénitra, and Rabat (0.5%), and Tanger (0.2%).
In comparison to the same month in the previous year, the Consumer Price Index saw a 4.3% increase in October 2023, driven by an 8.8% rise in the food products index and a 1.3% increase in the non-food products index. For non-food products, variations ranged from a 0.6% decrease in leisure and culture to a 4.9% increase in restaurants and hotels.
In these circumstances, the underlying inflation indicator, excluding volatile and public tariff products, is reported to have risen by 0.3% in October 2023 compared to September 2023 and by 4.3% compared to October 2022.