L’IPC en hausse pour le quatrième mois d’ affilée

CPI up for fourth month in a row

The consumer price index (CPI) rose again during the month of May 2022. According to figures published by the High Commission for Planning (HCP), it rose by 0.3% compared to the last month. This is its fourth consecutive monthly increase, after the increases recorded during the previous three months: April (1.8%), March (1.8%) and February (0.6%). Note that this same index had stagnated at the start of the year (January). This new increase “is the result of the 0.6% rise in the index of non-food products and the fall of 0.2% in the index of food products”, explained the High Commission in a note. information relating to the consumer price index for the month of May 2022. According to the public body responsible for the production, analysis and publication of official statistics in Morocco, the declines in food products observed between April and May 2022 mainly concerned “Vegetables” (8.0%), “Fruits” (6.0%), “Fish and seafood” (5.6%) and “Milk, cheese and eggs” (0.3%). The data collected by the High Commission show, on the other hand, that prices increased by 8.5% for “Oils and fats”, by 2.3% for “Meat” and by 0.7% for ” Bread and cereals”. With regard to non-food products, it appears from the same figures that the increase mainly concerned the prices of “Fuels”, these having increased by 3.0% during the last month. By way of comparison, the rise in the CPI last April was attributed to the increase of 3.0% in the index of food products and 0.9% in the index of non-food products. It should also be recalled that the increases in food products observed between March and April 2022 mainly concerned “Fruits” (12.3%), “Fish and seafood” (9.8%), “Oils and fats” ( 5.0%), “Vegetables” (2.9%), “Meat” (1.8%), “Bread and cereals” (1.4%) and “Coffee, tea and cocoa” ( 0.3%). In a note relating to this period, the HCP had however noted a price drop of 0.5% for “Milk, cheese and eggs”. With regard to non-food products, the data indicated that the increase concerned mainly the prices of “Fuels” (13.2%). According to the High Commission, in the fourth month of the current year, the largest increases in the CPI were recorded in Marrakech (0.8%), Kenitra (0.6%), Agadir, Casablanca , Oujda, Rabat and Settat (0.5%), in Meknes (0.4%). On the other hand, the organization noted decreases in Dakhla (1.5%), Fez (1.2%), Safi (0.6%), Laayoune (0.5%), Al-Hoceima (0.3 %) and in Guelmim (0.2%). By way of comparison, between March and April 2022, the largest increases in the CPI were recorded in Al-hoceima (3.6%), Fez (3.3%), Dakhla (2.3%), Oujda, Rabat, Safi and Errachidia (2.0%), Kenitra and Tangier (1.9%), Marrakech, Meknes and Laayoune (1.6%), Tetouan (1.5%), Casablanca and Beni Mellal (1 .3%) and in Agadir (1.2%). It should be noted that, compared to the same month of the previous year, the consumer price index recorded an increase of 5.9% during the month of May 2022 due to the increase in the index of food products by 8.4% and that of non-food products by 4.1%. With regard to non-food products, it appears from the observations of the High Commission for Planning that the variations range from an increase of 0.1% for “Communication” and “Health” to 14.0% for ” Transportation”. The HCP estimates, under these conditions, that “the underlying inflation indicator, which excludes products at volatile prices and products at public prices, would have increased by 1.2% during the month of May 2022. compared to April 2022 and 5.6% compared to May 2021”.

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