Morocco’s CPI inflation brakes to 1.7% y/y in August
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 |
Related Articles
Turkey dismisses idea of closing Qatar military base despite Arab nations' demands
Turkey is not at all considering the closure of its military base in Qatar despite the demand for its immediate termination ... more
Russia issues warning after US downs Syrian jet
Russia has warned the US-led coalition in Syria that its aircraft will be regarded as targets after the US shot down a Syrian military aircraft on June 18. “Any aircraft, including the ... more
Turkey's Erdogan slams Qatar blockade as “inhumane”
Turkish President Recep Tayyip Erdogan has criticised the isolation of Qatar by its Gulf neighbours as “inhumane and against Islamic values”. “It is as if a death sentence has been passed on ... more
Most Read This Week
- VISEGRAD: The strange death of Social Democratic Czechia
- STOLYPIN: Life after Putin becomes debatable
- BEAR MARKET BRIEF: Can IT revive Russia’s economy?
- MACRO ADVISER: Russia's Asian pivot starts to pay off
- Moldova, Bulgaria, Poland, Albania and Latvia to lose more than 40% of their populations by 2100
Selected articles from our premium news/views wire
IntelliNews
Pro
IntelliNews- Turkey dismisses idea of closing Qatar military base despite Arab nations' demands
- Bishkek, Skopje cheapest cities for expats says new survey
- Belarus places $1.4bn Eurobonds amid failure to secure IMF loan
- EU extends Russian sanctions by six months
- Migrant flow diverts from Western Balkans to Bulgaria
- More from IntelliNews Pro