Rabat – The Consumer Price Index (CPI) rose by 0.3% in January 2026 compared with the previous month, driven primarily by higher food prices, according to the latest data release.
According to Morocco’s High Commission for Planning (HCP) data, the increase shows a 0.8% rise in the food index, while non-food products recorded a slight decline of 0.1%.
The uptick in food prices between December 2025 and January 2026 was largely attributed to sharp increases in several key categories.
Prices for fish and seafood surged by 10.4%, marking the steepest rise among food items. Vegetable prices increased by 2.7%, while fruits climbed 0.7%. Meat prices edged up by 0.4%, and coffee, tea and cocoa posted a modest 0.2% gain.
However, not all food categories experienced upward pressure. Prices for oils and fats fell by 3.1%, and milk, cheese and eggs declined by 0.3%, partially offsetting the overall rise in food costs.
On the non-food side, the 0.1% decrease was mainly driven by a significant 5.9% drop in fuel prices.
Regional disparities in price changes
Price movements varied considerably across cities. The most significant increase was recorded in Beni-Mellal, where the CPI rose by 1.5%. Prices also climbed notably in Settat and Al Hoceima (both up 0.7%), followed by Guelmim and Safi (0.6%).
More moderate increases were observed in Marrakech (0.5%), Agadir (0.4%), and in Casablanca, Tetouan and Meknes, each posting a 0.3% rise.
Conversely, some cities registered declines. The CPI fell by 0.3% in Dakhla, by 0.2% in Tangier, and by 0.1% in Fez.
Annual inflation remains negative
On a year-on-year basis, consumer prices were down 0.8% in January 2026 compared with the same month a year earlier. This decline was primarily the result of a 2.1% drop in food prices, despite a 0.4% increase in non-food items.
Within the non-food category, price changes varied widely. Transport costs fell by 2.9%, while “miscellaneous goods and services” saw an increase of 2.8%, illustrating diverging trends across sectors.
Core inflation, which excludes volatile products and goods subject to public tariffs, remained unchanged compared with December 2025.
On an annual basis, however, core inflation declined by 1.2%, indicating continued underlying disinflationary pressures in the economy.
Overall, January’s data point to moderate monthly price growth driven by food costs, while annual figures suggest that inflationary pressures remain subdued.