Inflation, in annual comparison, accelerated to 3.2% in December 2021 in Morocco after 2.6% in November, according to data updated by the central bank. This dynamic, she said, mainly reflects the 3.1% rise instead of a 0.9% drop in volatile food prices.
“It is also attributable, although to a lesser extent, to the rise in underlying inflation to 3.6% instead of 3.3% in November, in connection with the evolution of its food component. On the other hand, the prices of fuels and lubricants saw their pace slow down to 19.9% instead of 25.2% and regulated tariffs increased by 0.1% after 0.2% in November”, details the central bank. on its website.
Compared to the previous month (November), the consumer price index rose by 0.1% in December, driven exclusively by the 0.4% rise in the core inflation indicator. The food component of the latter was at the origin of most of this evolution with, in particular, higher prices of 0.9% for “cereal-based products”, 1.3% for “oils” and 0.6% for “fresh meat”.
According to the central bank, the effect of these increases was however mitigated by a 0.9% fall in the prices of food products at volatile prices, with in particular declines of 5.4% for “poultry and rabbits” and 17% for “citrus fruits”. Similarly, fuel and lubricant prices contracted by 0.8% while regulated prices stagnated from one month to the next.
It should be noted that inflation stands at 1.4% over the whole of 2021, after 0.7% in 2020. Last December, the central bank forecast a rate of 2.1% in 2022, and by 1.4% in 2023.
