HCP: The Consumer Price Index (CPI) for the month of March 2024


The consumer price index experienced, during the month of March 2024, an increase of 0.7% compared to the previous month. This variation is the result of the increase of 1.7% in the index of food products and of 0.1% in the index of non-food products.

The increases in food products observed between February and March 2024 mainly concern “Fish and seafood” with 11.6%, “Fruits” with 3.1%, “Vegetables” with 2.5%, “Meat » with 1.7%, “Milk, cheese and eggs” with 1.4%, “Sugar, jam, honey, chocolate and confectionery” with 0.3% and “Oils and fats” and “Coffee, tea and cocoa” with 0.1%. For non-food products, the increase mainly concerned the prices of “Clothing and footwear” with 0.4%.

The largest increases in the CPI were recorded in Al-hoceima with 1.5%, in Laâyoune with 1.3%, in Tangier and Safi with 1.2%, in Marrakech and Dakhla with 1.1%, in Kénitra and Errachidia with 1.0%, in Agadir, Tétouan and Beni-Mellal with 0.9%, in Fez and Oujda with 0.8%, in Rabat and Settat with 0.7%, in Meknes with 0.6 %, in Guelmim with 0.4% and in Casablanca with 0.3%.

Compared to the same month of the previous year, the consumer price index recorded an increase of 0.9% during the month of March 2024 as a result of the increase in the food products index of 0.9% and that of non-food products of 1.1%. For non-food products, variations range from a drop of 1.2% for “Health” to an increase of 3.3% for “Restaurants and hotels”.

Under these conditions, the underlying inflation indicator, which excludes products with volatile prices and products with public prices, would have seen an increase of 0.3% during the month of March 2024 compared to the month of February. 2024 and 2.4% compared to March 2023.

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