Morocco’s consumer price index rose 1.7 percent in April 2026 on a twelve-month rolling basis, ticking up from the 1.1 percent recorded in March, according to data published Friday by the High Commission for Planning (HCP). The headline figure remains comfortably below the two percent threshold set as the reference level by monetary authorities, and the average inflation rate for the first four months of 2026 stands at a very low 0.3 percent. The data confirm that the global economic disruptions stemming from the Gulf conflict have not, to date, produced a significant inflationary shock in Morocco.
On a monthly basis, the overall CPI rose 0.4 percent between March and April. The move was driven entirely by non-food prices, which rose 1.2 percent month-on-month, while food prices fell 0.6 percent. The food price decline reflects the end of Ramadan — which concluded on March 20 — with month-on-month drops recorded in fish and seafood (-11.1 percent), dairy products and eggs (-3.2 percent), vegetables (-1.8 percent), oils and fats (-1.6 percent), and bread and cereals (-0.2 percent). Against the grain, fruit prices rose 4.7 percent and meat prices 1.6 percent on the month.
The standout driver on the non-food side was transport, whose index surged 6.5 percent between March and April, entirely attributable to fuel prices rising 21.8 percent. This is the clearest domestic transmission channel of the Gulf conflict to date: while the overall CPI and core inflation remain subdued, the impact on fuel costs — which filter through to logistics, freight, and ultimately to the prices of goods that require transport — is visible and growing. On a twelve-month basis, the transport category posted the highest increase of any component at 8.4 percent.
Core inflation — stripping out volatile and publicly administered prices — rose 0.1 percent month-on-month but fell 0.3 percent on a twelve-month rolling basis. This negative reading confirms that underlying price dynamics remain benign and that the CPI’s twelve-month uptick to 1.7 percent is driven by energy and seasonal food effects rather than by any broad-based demand or supply-side inflationary pressure. The twelve-month food component rose only 0.6 percent.
Geographically, the largest monthly price increases were recorded in Laâyoune (+1.6 percent), Tétouan and Al-Hoceima (+0.9 percent), and Casablanca (+0.8 percent). Slight monthly declines were recorded in Marrakech and Beni-Mellal (-0.4 percent). The data’s overall message is reassuring for monetary policy purposes: Bank Al-Maghrib’s current policy rate settings appear appropriate for the inflationary environment, and the persistence of below-target core inflation provides headroom to maintain or ease the policy stance should growth conditions require it.
