Higher food price growth during the fasting month of Ramadan coupled with narrower transport price deflation pushed Morocco’s CPI inflation to at least one-year high of 2.3% y/y in June from 1.9% y/y the preceding month, the statistics office HCP said on July 22.
On a monthly basis, the CPI also grew 0.4% in June but ticked down from a 0.5% m/m rise in May.
In January-June 2016, the CPI inflation in Morocco averaged 1.4% y/y, remaining well within the c-bank forecast of 1.5% inflation in the medium term amid falling energy prices and imported inflation.
Food and non-alcoholic prices (45% of basket) grew 0.9% m/m in June, sending the annual growth to 4.7% from 3.6% y/y in May, as local demand for fresh produce during Ramadan peaked.
Prices of fish climbed 9.6% m/m in June and those of fresh fruits prices rose 5.6% m/m.
Housing prices (13% of basket), which include rents and utilities were unchanged m/m in June helping amid falling utilities prices, helping trim the annual growth to 1.0% from 1.1% y/y in May.
Alcohol and tobacco prices recorded zero annual growth in June helping ease the impact of the Ramadan factor on overall inflation during the month.
Transport prices contracted 0.6% y/y in June, narrowing from a 1.3% y/y decline in May, on a 0.8% m/m hike. The government has liberalised the fuel prices that are now being reviewed twice a month depending on the crude oil prices on the international market.
|June-15 (y/y)||May-16 (y/y)||June-16 (y/y)|
|Food, non-alc drinks||2,3%||3,6%||4,7%|
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