Morocco's inflation accelerated in March 2026, with the consumer price index (CPI) rising 1.2% month-on-month, according to data released by the High Commission for Planning (HCP) on April 24, 2026. This marks the largest monthly increase since January 2023, driven primarily by higher food and energy prices.
The HCP reported that food prices increased 1.8% in March, led by fresh vegetables (up 4.5%), fruits (up 3.2%), and meat (up 2.1%). Energy prices rose 2.3% due to higher fuel and electricity costs. Core inflation, which excludes volatile items, stood at 0.9% for the month.
On an annual basis, inflation reached 3.8% in March 2026, up from 3.2% in February. The central bank, Bank Al-Maghrib, had forecast average inflation of 3.5% for 2026 in its March 2026 monetary policy report. The bank maintained its key interest rate at 2.75% during its March 25 meeting, citing persistent inflationary pressures.
Economists attribute the March spike to global commodity price volatility and domestic supply chain disruptions. The HCP noted that the agricultural sector, affected by drought conditions, contributed to higher food costs. The government has announced subsidies for basic food items and fuel to mitigate the impact on households.
