The consumer price index increased by 0.6% in February 2022 compared to the previous month. This variation is the result of the rise of 1.0% in the index of food products and 0.3% in the index of non-food products. The core inflation indicator is up 0.5% over one month and 3.5% over one year.
Inflation is rising, rising crescendo in the Kingdom, which is now seriously mired in crisis. Indeed, in addition to the surge in oil and gas prices, which have already brought several professions to their knees, including transporters and logisticians, who are currently in the midst of negotiations with the government to find a favorable outcome (Cf. Leseco.ma) , the Russo-Ukrainian war has added a worrying layer. At one month of Ramadan, the price of bread has been affected and this directly affects the shopping basket.
If, elsewhere, this essential commodity for a majority of the population has already happened to run short, in particular because of their dependence on Ukraine, which is their main supplier of wheat, the public authorities have succeeded here in ensuring correct market supply. Better, the Kingdom would not have to worry regarding this plan, despite the drought.
It would have 14 million quintals of common wheat in its stocks, which would enable it to meet the needs of the domestic market over a period of three and a half months. In other words, the Moroccan would not lack bread during the holy month. That said, the latest HCP figures on the cost of living are hardly reassuring. They show that inflationary pressures have remained persistent since the beginning of the year.
Indeed, the consumer price index increased by 0.6% in February 2022 compared to the previous month. A variation which is the result of the rise of 1.0% in the index of food products and 0.3% in the index of non-food products.
The price of “Bread and cereals” up 2.9%
Between January and February 2022, virtually all food prices recorded increases. Indeed, except for the price of “Fish and seafood”, the price of “Bread and cereals” jumped by 2.9%, that of “Oils and fats” by 1.5%, “Vegetables” by 1 .0%, “Fruits” by 0.5% and “Milk, cheese and eggs” by 0.4%.
Compared to January 2022, December and November 2021, we can see that the specter of price increases is widening month following month. Indeed, the increases in food product prices observed between December 2021 and January 2022 mainly concerned “bread and cereals” with 1.9%, “oils and fats” with 0.8% and “mineral waters, beverages refreshing drinks, fruit and vegetable juices” with 0.3%. On the other hand, prices fell by 4.4% for “vegetables”, by 0.6% for “meat” and by 0.5% for “fruit”.
Between last November and December, the increases in food product prices observed mainly concerned “vegetables” with 4.7%, “oils and fats” with 1.4%, “bread and cereals” with 1% and “coffee, tea and cocoa” with 0.3%. The index of food products rose by 0.1% compared to the previous month.
The price of “Transport” jumped 6%
It should be noted that at the end of February, the rises in the prices of non-food products also strongly contributed to the persistence of inflationary pressures. Indeed, in the space of a month, the price of “Transport” jumped by 6%, that of “Fuels” by 5.7%, “Household and maintenance items” by 3.1% and “Leisure and Culture” by 2%.
Here too, we can see that the spectrum of increases has widened further. Between January 2022 and December 2021, these increases mainly concerned “tobacco” with 3.5% and “fuels” with 1.1%. In December 2021, “fuel” prices fell by 0.8%, while they rose by 3.1% in November 2021. This being, by region, the largest increases in the CPI in February were recorded in Marrakech with 1.3%, in Fez and Tangier with 1.1%, in Oujda with 0.9%, in Guelmim and Beni-Mellal with 0.8% and in Kenitra, Rabat and Tetouan with 0.7%.
On the other hand, a drop was recorded in Casablanca and Errachidia with 0.1%. Compared to the same month of the previous year, the consumer price index recorded an increase of 3.6% during the month of February 2022, a consequence of the increase in the index of food products by 5.5 % and that of non-food products by 2.5%. For non-food products, the variations range from a stagnation in “communication” to a rise of 6.0% in “Transport”.
Under these conditions, the core inflation indicator, which excludes products at volatile prices and products at public prices, would have increased by 0.5% in February 2022 compared to January. 2022 and 3.5% compared to February 2021.
Aziz Diouf / ECO Inspirations
