2025.12.1901:36:39UTC+00Morocco Consumer Prices Drop for 1st Time Since 2020

In November 2025, Morocco experienced a consumer price decrease of 0.3% compared to the previous year, following a slight increase of 0.1% in October. This marks the first instance of deflation since December 2020. The primary driver of this trend was a significant reduction in food prices, which saw their biggest drop since March 2021, falling by 1.5% as opposed to a 0.5% decline in October. Meanwhile, transport prices also continued to decrease, registering a decline of 1.5% compared to October's 1.9%.

Inflation rates saw moderation in a few sectors: the cost of housing and utilities came down to 0.6% from 0.7%, clothing and footwear slipped to 0.7% from 0.8%, and healthcare dipped to 0.2% from 0.3%. However, inflation rates remained stable for education at 2.1% and for alcoholic beverages and tobacco at 3.4%. In contrast, there were slight increases in inflation for furnishings, rising to 0.7% from 0.6%, restaurants and hotels at 2.5% from 2.4%, and miscellaneous goods and services up to 1.7% from 1.5%.

Core inflation, which omits volatile prices and items affected by government tariffs, decreased sharply by 0.9%, marking the most pronounced decline since the inception of this data series in 2020, following a 0.2% fall in October. On a month-to-month basis, the consumer price index (CPI) fell by 0.6% in November, maintaining the same rate of decline as observed in October, which remains the steepest since January 2024.