Kiosk360. Inflation reached a record level at the end of August and marked an increase of 8% over one year. In question, the soaring prices of food and transport. This article is a press review taken from the daily newspaper L’Economiste.
Should we fear a point of no return for the upward trend of inflation in Morocco. The question arises when reading the latest estimates from the High Commission for Planning (HCP), taken up by the daily The Economist. Inflation reached a record level at the end of August and marked an increase of 8% over one year. In question, the soaring prices of food and transport.
“Compared to the same month of the previous year, the consumer price index recorded an increase of 8% during the month of August 2022 as a result of the increase in the index of food products by 14.1% and that of non-food products by 4%. For non-food products, the variations range from an increase of 0.1% for health to 12.8% for transport”, indicates the HCP.
Under these conditions, the core inflation indicator, which excludes products at volatile prices and products at public prices, would have seen an increase of 0.3% in August 2022 compared to the month of July 2022 and 6.6% compared to August 2021.
In more detail, the increases in food products observed between July and August 2022 mainly concern fruit with 9.6%, fish and seafood with 2.2%, milk, cheese and eggs with 1.4%, vegetables, coffee, tea and cocoa with 1.1%, meat with 1%, oils and fats with 0.5% and sugars, jams, honey, chocolates and confectionery with 0.4%. For non-food products, the drop mainly concerned fuel prices with 10.1%, the same source said.
The HCP also reports that the most significant increases in the CPI were recorded in Beni-Mellal with 1.3%, in Al-hoceima with 1.1%, in Agadir and Safi with 0.9%, in Oujda and Tetouan with 0.8%, in Tangier and Laayoune with 0.6%, in Guelmim with 0.5%, in Meknes with 0.4%, in Fez with 0.3% and in Casablanca with 0.2%. On the other hand, decreases were recorded in Settat with 0.6%, in Rabat and Errachidia with 0.4% and in Marrakech with 0.2%.