Morocco’s CPI inflation ticks up to 1.7% y/y in April

By bne IntelliNews May 20, 2015

Higher food price growth, coupled with rising housing costs, offset falling transport and health charges, lifting Morocco’s CPI inflation to a still moderate 1.7% y/y in April from 1.6% y/y a month earlier, the statistics office HCP said. The reading continues to accommodate the central bank’s monetary easing stance seeking to boost GDP growth. In January-April, the CPI inflation averaged 1.6% y/y.

The central bank expects the CPI inflation to quicken to a well subdued 1.2% in 2015 and 1.3% by Q1 2016. In 2014, the CPI inflation was a marginal 0.4%.

On a monthly basis, the CPI edged up 0.2% in April, slightly picking up from a zero monthly growth in March.

Food prices (45% of basket) grew 0.3% m/m in April, lifting the annual growth to 2.5% from 2.1% y/y in March. The low prior-year base is also boosting food price growth.

Prices of fruits increased 7.4% m/m in April and those of fish rose 2.3%. Prices of fresh vegetables, however, dropped 3.5% m/m in April.

Housing prices (13% of basket), which include rents and utilities, ticked up 0.1% m/m in April while rising 4.9% y/y.

Transport prices shrank 3.1% y/y in April, deepening from a 2.1% annual decline the month before. 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.

	Apr-14 (y/y)	Apr-15 (m/m)	March-15 (y/y)	Apr-15 (y/y)
CPI	0,4%	0,2%	1,6%	1,7%
Food, non-alc drinks	-0,9%	0,3%	2,1%	2,5%
Alcohol, tobacco	0,8%	0,0%	1,7%	1,6%
Clothing, footwear	2,5%	-0,1%	0,4%	0,5%
Housing, utilities	1,0%	0,1%	5,0%	4,9%
Furnishings	0,8%	0,1%	0,3%	0,4%
Health	1,4%	0,1%	-1,3%	-1,7%
Transport	3,3%	-0,1%	-2,1%	-3,1%
Communications	-9,0%	0,0%	0,0%	0,0%
Recreation, culture	-1,0%	0,1%	-0,2%	-0,1%
Education	3,5%	0,0%	3,2%	3,2%
Restaurants, hotels	2,6%	0,3%	1,8%	2,2%
Other	1,0%	0,0%	0,7%	0,7%

Source:HCP

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