Lower food and housing prices, coupled with shrinking transport charges, cut Morocco’s CPI inflation to a four-month low of 1.7% y/y in August from 2.4% y/y the month before, the statistics office HCP said on September 22. The reading fully accommodates the central bank’s wait-and-see monetary stance. The central bank will thus likely keep the benchmark rate unchanged at its MPC sitting scheduled for today (Tuesday) afternoon.
In January-August, the CPI inflation averaged 1.8% y/y.
On a monthly basis, the CPI fell 0.1% in August, reversing a 0.5% m/m rise the previous month.
Food prices (45% of basket) ticked up 0.1% m/m in August on strong harvest and as demand cooled post Ramadan. The annual growth, thus, eased to 3.3% from 3.7% y/y in July. Fish prices fell 8.0% m/m in August and those of dairy products dropped 1.0%.
Housing prices (13% of basket), which include rents and utilities, edged up a marginal 0.1% m/m, braking the annual growth to 1.7% from 4.9% y/y in July. The reading was mostly dampened by falling utilities prices amid dropping crude oil costs.
Transport prices shrank 1.0% m/m in August, deepening the annual deflation to 3.2% from 2.7% y/y in July. The prices of diesel, fuel oil and gasoline are now being reviewed twice a month depending on the crude oil prices on the international market. Fuel costs fell 5.0% m/m in August.
|Aug-14 (y/y)||Aug-15 (m/m)||July-15 (y/y)||Aug-15 (y/y)|
|Food, non-alc drinks||-3,2%||0,1%||3,7%||3,3%|
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