In Morocco, inflation decreased by 0.6% on an annual basis in February 2026, despite a monthly increase in prices, mainly driven by food products and fuels. According to the High Commission for Planning (HCP), the Consumer Price Index (CPI) increased by 0.5% compared to January 2026, due to a 0.8% increase in food products and a 0.3% increase in non-food products.
In detail, the increase in food prices mainly affected “fish and seafood” (+4.5%), “fruits” (+2.1%), “meat” (+1.6%), “vegetables” (+1.0%), as well as “milk, cheese and eggs” and “coffee, tea and cocoa” (+0.4% each). However, “oils and fats” decreased by 2.2%, and “mineral waters, soft drinks and juices” by 0.4%. Among non-food products, the increase was mainly driven by fuels (+3.1%).
Cities most affected by price increases
On a geographical level, the highest increases in the CPI were observed in Oujda and Tangier (+1.4%), followed by Tetouan (+1.2%) and Fez, Kenitra and Al Hoceima (+0.7%). More moderate increases were noted in Beni Mellal (+0.6%), Agadir, Meknes and Dakhla (+0.5%), as well as in Casablanca, Rabat and Settat (+0.3%). However, decreases were recorded in Safi (-0.4%) and in Guelmim and Errachidia (-0.2%).
In annual comparison, the decrease in inflation is mainly explained by a 2.0% decrease in food prices, partially offset by a 0.4% increase in non-food products. In this segment, changes range from a 2.7% decrease in “transport” to a 3.8% increase in “miscellaneous goods and services”.
Finally, core inflation, which excludes volatile price products and regulated tariffs, increased by 0.2% monthly, but decreased by 1.2% year-on-year in February 2026.
