Consumer inflation in Morocco accelerated to 1.7 percent in April on a 12-month rolling basis, up from 1.1 percent in March, as higher fuel prices pushed transport costs sharply upward, according to data released by the country’s High Commission for Planning (HCP).
Despite the increase, inflation remained below the 2 percent reference threshold monitored by monetary authorities, while the average inflation rate for the first four months of 2026 stood at just 0.3 percent.
The figures suggest that global economic disruptions linked to the Gulf conflict have so far had only a limited impact on broader price pressures in Morocco.
On a monthly basis, the consumer price index rose 0.4 percent between March and April, driven entirely by higher non-food prices, which increased 1.2 percent. Food prices, by contrast, declined 0.6% following the end of Ramadan in March.
The easing in food prices was led by declines in fish and seafood, dairy products, vegetables, oils and cereals. Fish and seafood prices dropped 11.1 percent month-on-month, while dairy products and eggs fell 3.2 percent
Vegetable prices declined 1.8 percent, oils and fats fell 1.6 percent, and bread and cereals eased 0.2 percent.
Some food categories, however, continued to rise. Fruit prices increased 4.7 percent during the month, while meat prices rose 1.6 percent.
The strongest inflationary pressure came from the transport sector, where prices jumped 6.5 percent between March and April due to a surge in fuel prices.
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Fuel costs rose 21.8 percent during the month, marking the clearest domestic impact so far from the Gulf conflict on Morocco’s economy.
On an annual basis, transport prices recorded the highest increase among all consumer categories, rising 8.4 percent.
Economists say higher fuel prices could gradually feed into logistics and freight costs, potentially raising prices of transported goods if energy pressures persist.
Core inflation, which excludes volatile and regulated prices, rose only 0.1 percent month-on-month and declined 0.3 percent on an annual basis.
The negative annual core inflation reading suggests underlying price pressures remain subdued and that the rise in headline inflation is largely linked to temporary energy and seasonal food effects rather than broad-based demand pressures.
Annual food inflation remained modest at 0.6 percent.
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Regionally, the largest monthly price increases were recorded in Laâyoune, where prices rose 1.6 percent followed by Tétouan and Al Hoceima at 0.9 percent, and Casablanca at 0.8 percent.
Slight declines were recorded in Marrakech and Beni Mellal, where prices fell 0.4 percent.
The latest inflation data is likely to reinforce expectations that Bank Al-Maghrib will maintain its current monetary policy stance, with subdued core inflation providing policymakers room to support economic growth if necessary.
