Sunday, June 23, 2024

Annual inflation eased to 5.5% in June


Annual consumer price inflation in Morocco continued to slow to 5.5% last June from 7.1% in May and 7.8% in April, the High Commission for Planning said on Friday.

Food prices increased by 12.7% and non-food prices by 0.6%. The core inflation index, which excludes fixed-price items and highly volatile items, was recorded in June at 0.1 percent month-on-month and 5.6 percent year-on-year.

Inflation rates, mainly controlled by food prices in Morocco, reached their peak last February when they reached 10.1%.

A representative providing data on the Moroccan economy noted that rates of change for non-food items ranged from a 5.6% decrease in “transport” to a 6% increase in “restaurants and hotels”.

However, households expect the prices of these items to rise over the next twelve months, despite the declining role of food in reducing inflation, as evidenced by the Household Confidence Index survey published by CDP.

98.1% of households believed that food prices had increased in the past twelve months, and 72.5% of households expected this trend to continue in the next twelve months.

It is clear from the research that 87.3% of households have seen their quality of life deteriorate in the last twelve months, 10% expect it to remain stable and 2.7% expect it to improve.

Regarding their expectation that their quality of life will improve in the next twelve months, 53.4% ​​of households expect it to improve, compared with 36.9% who expect it to remain stable.

The inflation-adjusted Budget confirmed the allocation, after revealing that $330 million had been earmarked to achieve the same target, but was able to unlock additional allocations to the tune of $670 million aimed at mitigating the effects of inflation on households.

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There were calls to roll back the exorbitant hike in staple food prices and fuel prices, restore consideration for the Settlement Fund, and increase its funding by taxing wealth and large farmers.

In social dialogue sessions held last May, trade unions demanded a wage hike in view of rising prices that would harm the purchasing power of workers and employees, but no agreement has been reached yet, as the government confirmed that the wage issue will be resolved in talks in September during the preparation of the draft budget.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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