Morocco’s manufacturing production price index ticked up 0.1% m/m in March 2014, reversing a 0.4% m/m contraction the month before, the High Commission for Planning (HCP) said on April 30. The reading remains in line with the country’s CPI inflation (up 0.4% y/y in March). Higher food prices were offset by falling textiles, clothing and oil-refining producer costs.
Oil refining producer prices fell 0.2% m/m in March, narrowing from a 1.6% m/m drop in February, on lower fuel and raw material prices.
Food production prices rose 0.6% m/m in March, turning from a 0.7% drop a month earlier, as the weak harvest season began to weigh on food charges. Higher food charges will likely be translated to end consumers, also fuelling the CPI inflation in H2.
Clothing producer prices shrank 0.5% m/m, the same as in February.
Utilities producer prices remained flat over the period due mainly to subdued household demand and partial subsidies. Mining and quarrying producer costs also recorded a zero monthly growth in March.
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