Morocco’s CPI inflation brakes to 1.7% y/y in August

By bne IntelliNews September 22, 2015

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)
CPI  0,0% -0,1% 2,4% 1,7%
Food, non-alc drinks -3,2% 0,1% 3,7% 3,3%
Alcohol, tobacco 0,7% 0,0% 5,4% 5,5%
Clothing, footwear 2,1% 0,3% 0,6% 0,8%
Housing, utilities 4,0% 0,1% 4,9% 1,7%
Furnishings 0,9% 0,1% 0,1% 0,1%
Health -1,1% 0,0% 0,6% 0,6%
Transport 3,5% -1,0% -2,7% -3,2%
Communications 0,0% 0,0% 0,2% 0,2%
Recreation, culture -1,0% 0,0% 0,5% 0,5%
Education 3,5% 0,0% 3,2% 3,2%
Restaurants, hotels 2,1% 0,3% 2,4% 2,6%
Other 2,1% 0,0% 0,7% 0,7%
         
Source:HCP        
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