Morocco recorded a 0.6% year-on-year decline in its Consumer Price Index in February 2026, according to figures released by the High Commission for Planning, continuing a deflationary trend driven primarily by falling food prices even as non-food costs edged marginally higher.
The drop was largely attributable to a 2% decline in food product prices, which more than offset a 0.4% rise in non-food items. Within the non-food category, transport registered the steepest decrease at 2.7%, while miscellaneous goods and services posted the largest increase at 3.8%. Fuel prices rose 3.1% within the non-food basket — a notable uptick reflecting the international oil price pressures that have prompted the government to activate its emergency transport sector support mechanism.
On a month-on-month basis, the CPI rose 0.5% compared to January 2026, with food prices up 0.8% and non-food items gaining 0.3%. Within the monthly food price increases, fish and seafood led with a 4.5% rise, followed by fruits at 2.1%, meat at 1.6%, vegetables at 1.0%, and dairy products and hot beverages each gaining 0.4%. Oils and fats bucked the trend with a 2.2% decline, as did bottled water and soft drinks, which fell 0.4%.
Geographically, price pressures were most pronounced in Oujda and Tanger, both recording 1.4% monthly increases, followed by Tétouan at 1.2% and Fès, Kénitra, and Al Hoceima each at 0.7%. Safi, Guelmim, and Errachidia registered modest monthly price declines.
Core inflation — which strips out volatile food items and regulated tariffs — edged up 0.2% month-on-month in February but fell 1.2% compared to February 2025, confirming that underlying price pressures remain subdued. The data reinforces the broader deflationary environment that has characterized Morocco’s economy in early 2026, even as imported energy costs introduce renewed upside risk.
