Morocco’s Consumer Price Index (CPI) decreased by 0.1% in July 2025 compared to the previous month, according to data from the High Commission for Planning (HCP).
Annual inflation remained contained at 0.5%, with targeted increases in energy and hospitality.
The overall decline was driven by a 0.5% decrease in food prices, which was partially offset by a 0.2% increase in non-food products. Core inflation also fell by 0.1% month-on-month but remained up by 0.9% year-on-year.
In the food sector, the most significant price drops were seen in vegetables (-4.7%), fruits (-0.9%), oils and fats (-0.5%), and bread and cereals (-0.3%). Meat prices saw a more modest decrease of -0.1%. Conversely, several products saw price increases, including milk, cheese, and eggs (+2.7%), coffee, tea, and cocoa (+0.6%), and fish and seafood (+0.4%).
In the non-food sector, the main driver of the increase was a 3.5% rise in fuel prices, reflecting volatility in international energy markets.
The CPI changes were not uniform across the country. The sharpest declines were recorded in Meknes (-0.7%), Guelmim (-0.6%), and Laayoune and Settat (-0.5%). However, some cities experienced increases, including Errachidia (+0.8%), Al-Hoceima (+0.4%), and Tetouan (+0.2%).
On a year-on-year basis, the CPI rose by 0.5% in July 2025, driven by a 0.9% increase in food prices and a 0.2% increase in non-food prices. Within the non-food category, there were mixed trends: a notable decline in transportation costs (-2.9%) contrasted with a sharp increase in the prices of restaurants and hotels (+3.4%). This data confirms that while overall inflation is contained in Morocco, certain sectors, particularly dairy products and energy, continue to face price pressures.
MK/Sf/fss/abj/APA