Morocco’s inflation gets closer to annual target of 2% in June 2024

Despite increases over the past two years, inflation in Morocco is stabilizing, growing at an annualized rate of 2.4% at the end of June 2024. That’s according to the latest data from the High Commission of Planning (HCP).  Since November 2022, inflation in Morocco had risen significantly, reaching a peak of 10% in February 2023, due to much higher food prices. In a bid to reduce inflation, Morocco’s central bank, Bank Al-Maghrib (BAM), upped the benchmark interest rates from 1.5% to 3%, before reducing it again last month. The goods most impacted by inflation were food and energy prices with the highest rise in prices recorded in gas at 10%. The second-highest increase was recorded in fruits at 4.5%, followed by meat at 2.2%.