Morocco's inflation continued to ease in July 2026, with the consumer price index (CPI) falling 0.6% year-on-year, according to data released by the High Commission for Planning (HCP) on Wednesday, August 19, 2026.
The decline was primarily driven by a drop in food prices, which fell by 1.2% compared to the same month last year. Non-food prices also decreased slightly, contributing to the overall downward trend.
On a month-on-month basis, the CPI remained stable, with a marginal increase of 0.1% in July compared to June 2026. The core inflation index, which excludes volatile items, also showed a slowdown, rising only 0.3% year-on-year.
Economists attribute the easing to improved agricultural output and lower global commodity prices, which have helped reduce domestic price pressures. The HCP noted that this trend aligns with the central bank's forecasts for inflation to remain subdued throughout 2026.
The decline in inflation is expected to support household purchasing power and may influence the central bank's monetary policy decisions in the coming months.
