Morocco’s inflation at 10% as food prices soar

The  Central Bank of Morocco revealed that the consumer price index (CPI) rose by 1.7% on a month-on-month basis driven by food prices.

The food prices in the country rose by 20.1% while non-food inflation increased by 3.6%. On a month-on-month basis, the index rose by 1.7%.

The spike in food prices is concerning in Morocco, as the staple food accounts for a significant portion of household expenses, particularly for low-income families. This comes amid an ongoing drought for the last 6 years.

Because of the high inflation, the central bank, raised its benchmark interest rate by 50 basis points to 3% to break down inflation.