Inflation is slowing down in Morocco. According to the latest data published by the High Commission for Planning (HCP), the consumer price index (CPI) recorded a monthly decrease of 0.4% in May 2025, after an annual increase of 0.7% observed in April. On an annual basis, inflation now stands at 0.4%, down from 0.7% the previous month.
This decline is mainly explained by the decrease in food prices, which fell by 0.8% in May, as well as a slight decrease (-0.1%) in non-food prices.
Among food products, the most significant decreases concern: vegetables (-2.1%), fish and seafood (-1.7%), meats (-1.5%), dairy products (-1.0%). Other products such as fruits, oils and fats, as well as bread and cereals, decreased by 0.3%. In contrast, prices of coffee, tea and cocoa increased by 0.8%.
As for non-food products, the decrease is mainly due to the sharp drop in fuel prices, down by 2.7% in one month.
Regional Evolution
On a territorial level, the largest decreases in the CPI were observed in: Beni-Mellal (-1.5%), Safi (-1.2%), Tangier (-1.1%), Kenitra and Errachidia (-0.7%). Other cities like Fez (-0.5%), Oujda (-0.4%), Casablanca, Rabat, Dakhla (-0.3%), Tetouan and Guelmim (-0.2%) also recorded decreases. In contrast, Laayoune and Al Hoceima saw an increase of 0.2%, followed by Marrakech with +0.1%.
Over the year, food prices increased by 0.5%, while non-food product prices increased by 0.3%. Among the latter, the most notable increases concern restaurants and hotels (+3.9%), while transport prices recorded a sharp decrease (-4.3%).
Core inflation, excluding the most volatile components and administered prices, remains unchanged on a monthly basis and reaches 1.1% on an annual basis, reflecting a gradual easing of price pressures.
