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Moroccan High Commission for Planning stated that annual inflation in the country slowed to 6.1% in 2023, compared to 6.6% in 2022.
Morocco’s annual inflation, measured by the consumer price index, dropped to 6.1% in 2023 from 6.6% a year earlier, Morocco’s statistics agency said.
Food prices, the main driver for inflation in Morocco, rose by 12.5% from a year earlier, while non-food inflation increased by 1.7%.
Moroccan Statistics Agency said at the beginning of the year that the country’s economy will grow by 3.2% in 2024, after 2.9% in 2023.
Expectations assume improved external demand for Moroccan goods, and a lower than average grain yield due to drought.
Core inflation, which excludes more volatile goods, was up 5.9% last year.