Rabat – Morocco’s inflation continued its downward trend for the third consecutive quarter, dropping to 0.1% in the fourth quarter of 2025, compared with 2% at the start of the year, according to the High Commission for Planning (HCP).
The decline shows a 0.7% contraction in food prices, partially offset by a 0.4% rise in non-food prices, the HCP said in its latest economic briefing, which reviews key indicators for the third quarter of 2025, estimates for the fourth quarter, and projections for the first quarter of 2026.
The sharp reduction in food inflation was largely due to a significant fall in olive oil prices, HCP assessed, attributing this to a strong national harvest and notable decreases in meat prices.
Lower import costs for cereals and dried legumes, which reflect improved global market conditions, also contributed to the decline.
However, these gains were partially offset by continued pressure on fresh produce and coffee prices.
Meanwhile, non-food prices were restrained by a continued drop in energy costs, though at a slower pace than the previous quarter (1.1% compared with 3%), due to falling international oil prices.
Core inflation, which excludes government-controlled and highly volatile prices, followed a similar pattern but at a more pronounced rate.
It fell to 0.7%, down from 07.% in the previous quarter, largely due to eased tensions in the food sector.
The HCP’s findings suggest that Morocco is experiencing a rare period of mild deflation, stressing that this trend is mainly driven by favorable conditions in the domestic agricultural sector and lower global energy costs.