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)|
|Food, non-alc drinks||-0,9%||0,3%||2,1%||2,5%|
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