Morocco’s annual consumer price inflation rose to 0.9% in March 2026, up from a contraction of 0.6% in February, according to the High Commission for Planning (HCP) on Wednesday.
The statistics agency confirmed the consumer price index (CPI) return to positive territory follows four consecutive months of deflation, marking a significant shift in the nation’s price stability outlook.
A sharp reversal in food prices primarily fueled the uptick. Food inflation jumped significantly, ending a period of sustained price drops that had previously characterized the start of the year.
Non-food products also contributed to the rise, gaining 1.1% year-on-year. This increase was driven largely by rising transport costs as global energy volatility impacted local fuel pump prices.
Communication costs remained a deflationary outlier, falling by 0.3%, while costs for miscellaneous goods and services rose by 1.1%, further pressuring the overall index upward.
On a month-on-month basis, the CPI increased by 0.7% in March. This monthly surge was driven by a 1.7% rise in food prices and a 0.1% increase in non-food items.
The core inflation indicator, which excludes volatile goods and regulated prices, rose by 0.3% in March compared to February and climbed 2.5% on an annual basis.
This inflationary rebound aligns with Bank Al-Maghrib’s decision to maintain its key interest rate at 2.25%, as the central bank anticipates an average inflation of 0.8% for 2026.
Despite the rise, Morocco maintains one of the lowest inflation rates in Africa, contrasting sharply with double-digit figures recorded in regional peers like Ghana and Nigeria this month.
Analysts suggest the 0.9% figure reflects a normalization of demand and a recovery in agricultural value chains following exceptional rainfall levels recorded across the kingdom this season.
