Morocco’s consumer price index fell 0.6 percent in July 2026 compared with a year earlier, according to the latest data from the High Commission for Planning (HCP). The decline was driven mainly by a 3.7 percent drop in food prices, which more than offset a 1.9 percent rise in non-food prices, where changes ranged from a 0.2 percent decrease in communication costs to a 4.1 percent increase in transport.
The downward trend was also visible month-on-month, with the index contracting 1 percent compared with June 2026, driven by a 1.9 percent decline in food prices and a 0.3 percent dip in non-food prices. Vegetables recorded the sharpest monthly decline at 7.6 percent, followed by fish and seafood at 3.9 percent, fruit at 3.7 percent and meat at 1.2 percent, while milk, cheese and eggs fell 0.3 percent.
Some categories moved in the opposite direction. Prices for mineral water, soft drinks and juices rose 0.3 percent, while coffee, tea and cocoa increased 0.2 percent. Among non-food products, fuel stood out with a 4.9 percent decline over the month, contributing significantly to the overall downward trend in the non-food component.
Regionally, Marrakech recorded the sharpest drop in the consumer price index at 1.7 percent, ahead of Safi at 1.4 percent, Guelmim at 1.3 percent and Tangier at 1.1 percent, while prices fell 1 percent in Casablanca, Rabat and Meknes.
Core inflation, which excludes products with volatile prices and those subject to regulated tariffs, is estimated to have fallen 0.1 percent compared with June and by the same margin year-on-year, according to the HCP’s latest figures, suggesting the broader disinflation trend extends beyond the most volatile food and energy categories.
