The consumer price index experienced, during the month of May 2024, a decrease of 0.2% compared to the previous month. This variation is the result of the 0.7% drop in the food products index and the 0.4% increase in the non-food products index.
The declines in food products observed between April and May 2024 mainly concern “Fish and seafood” with 5.7%, “Milk, cheese and eggs” with 2.1%, “Oils and fats” with 2. 0%, “Fruits” with 0.3%, “Bread and cereals” with 0.2% and “Coffee, tea and cocoa” with 0.1%. On the other hand, prices increased by 0.8% for “Meat” and by 0.2% for “Vegetables”. For non-food products, the increase mainly concerned “Gas” prices with 12.3%.
The largest drops in the CPI were recorded in Al-hoceima with 1.0%, in Kénitra with 0.8%, in Fez with 0.7%, in Oujda with 0.5%, in Tétouan, Tangier and Settat with 0.2% and in Casablanca, Meknes and Errachidia with 0.1%. On the other hand, increases were recorded in Guelmim with 1.0%, in Laâyoune with 0.7%, in Marrakech and Dakhla with 0.3% and in Agadir and Beni-Mellal with 0.2%.
Compared to the same month of the previous year, the consumer price index recorded an increase of 0.4% during the month of May 2024 (after 0.2% in April) as a result of the increase in index of non-food products of 1.7% and the drop in that of food products of 1.2%. For non-food products, variations range from a drop of 1.2% for “Health” to an increase of 3.2% for “Restaurants and hotels”.
Under these conditions, the underlying inflation indicator, which excludes products with volatile prices and products with public prices, would have experienced an increase of 0.1% during the month of May 2024 compared to the month of April 2024 and 2.2% compared to May 2023.
