2023-06-20 12:52:26
AA / Rabat / Ahmad Bentaher
Annual inflation growth slowed in Morocco to 7.1% last May, from 7.8% in April, amid continued vulnerability to rising commodity prices, with energy at the forefront.
The High Commission for Planning (the official body in charge of statistics) indicated in a press release released on Tuesday that the annual inflation recorded in May is due to the 15.6% rise in food prices and non-food products. food by 1.4%.
On a monthly basis, the inflation rate fell by 0.4% in May compared to the previous month.
Morocco has been negatively affected by the consequences of the Russian-Ukrainian war, just like the rest of the world’s economies, as the prices of basic products have increased, with food and energy at the forefront, in addition to the repercussions of the drought.
Last March, the Central Bank of Morocco decided to raise the interest rate by 50 basis points to 3%, against 2.5% previously, in an attempt to curb the high inflation resulting from the repercussions of the war in Ukraine.
The central bank said in a statement released after its board meeting that the decision comes in order “to avoid inflationary shocks” and to “facilitate the return of inflation to rates consistent with the objective price stability”.
The Central Bank of Morocco said the challenging global context is characterized by uncertainty given the ongoing conflict in Ukraine, geopolitical division, tightening credit conditions and growing risks from banking crises.
During the current year, popular protests have taken place against high prices and the deterioration of life in dozens of Moroccan cities, amid government efforts to reassure the streets about the country’s economic conditions.
Despite the government’s efforts to curb inflation in the country, consumer prices have not yet reached their normal levels, which the Central Bank aspires to and which are between 2% and 3%.
*Translated from Arabic by Malèk Jomni
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