According to the latest figures released by Morocco’s High Commission for Planning, the country’s Consumer Price Index (CPI) dipped by 0.3% in March compared to February. This decline was driven mainly by a notable drop in food prices, particularly in key staples like meat, dairy, and eggs.
Food items, which make up a large portion of household spending, saw a 0.7% decrease overall. Meat prices plunged by 4.7%, making it the steepest drop in the category. Dairy products followed with a 2% fall, and oils and fats declined by 1.4%. While these figures suggest some relief for consumers, they don’t tell the whole story. Prices for vegetables and fruits have surged, up 4.9% and 1.7% respectively, keeping pressure on household budgets.
In contrast, non-food prices held steady overall. The only noticeable decline was seen in fuel prices, which dropped 1.8%. This provided a brief reprieve for drivers already facing elevated costs in other areas.
Price trends varied widely across the country. Guelmim saw the sharpest monthly decline in the CPI at 1.8%, followed by Laâyoune with a 1.5% drop and Dakhla at 1.1%. However, in cities like Kenitra and Al Hoceima, prices actually rose by 0.9%, indicating localized pressures on specific goods or services.
Zooming out to the yearly picture, inflation is far from over. Between March 2024 and March 2025, the CPI rose by 1.6%. This increase was fueled by a 2.2% climb in food prices and a 1.1% rise in non-food items. Among the most impacted sectors were restaurants and hotels, which saw a jump of 3.9%, and housing, up 3.7%. The transportation sector, however, recorded a 2.4% decline over the same period, likely reflecting shifts in energy prices.
Underlying inflation—which strips out volatile and regulated items—fell by 0.6% over the month. Although this is a hopeful sign, the year-on-year rate still shows a 1.5% increase, suggesting that deeper inflationary pressures haven’t entirely let up.
