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HCP reports a 0.7% increase in inflation during March

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The Consumer Price Index (CPI) climbed 0.7% in March 2024 compared to February, driven primarily by a 1.7% increase in food prices and a modest rise of 0.1% in non-food items, according to the High Commission for Planning (HCP).

The same source mentioned that the notable surges in food prices between February and March 2024 were primarily for “Fish and seafood” by 11.6%, “Fruits” by 3.1%, “Vegetables” by 2.5%, “Meat” by 1.7%, “Dairy, cheese, and eggs” by 1.4%, “Sugar, jam, honey, chocolate, and confectionery” by 0.3%, and “Oils and fats” and “Coffee, tea, and cocoa” by 0.1%.

The HCP indicated further that the increase in non-food items mainly affected the prices of “Clothing and shoes” by 0.4%.

Compared to the same month of the previous year, the CPI recorded a 0.9% rise in March 2024, driven by a 0.9% increase in food prices and a 1.1% increase in non-food items.

The changes in non-food items ranged from a 1.2% drop for “Health” to a 3.3% rise for “Restaurants and hotels”, according to the same source.

Regionally, the largest increase in the CPI was recorded in Al-Hoceima by 1.5%, Laâyoune by 1.3%, Tangier and Safi by 1.2%, Marrakech and Dakhla by 1.1%, Kenitra and Errachidia by 1.0%, Agadir, Tetouan, and Beni-Mellal by 0.9%, Fez and Oujda by 0.8%, Rabat and Settat by 0.7%, Meknes by 0.6%, Guelmim by 0.4%, and Casablanca by 0.3%.

Excluding volatile price products and public tariff products, the HCP mentioned that the core inflation would have seen a 0.3% rise in March 2024 compared to February 2024 and a 2.4% increase compared to March 2023.

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