Morocco consumer prices fall 0.6% year-on-year in July

Morocco's consumer prices fell 0.6% year-on-year in July 2026, marking the first decline in five months after a 0.3% increase in June. This shift was primarily driven by a 3.7% drop in food prices, an acceleration from the 2.5% decrease recorded in the previous month.

Non-food inflation also moderated, slowing to 1.9% from 2.3% in June. Price growth slowed in sectors such as transport, clothing, footwear, and furniture. On a month-on-month basis, consumer prices dropped by 1.0%, representing the largest monthly decline since April 2011.

While most sectors saw cooling prices, some areas experienced increases. Inflation for housing and utilities rose slightly to 1.5%, and costs for restaurants and hotels climbed to 2.4%. Inflation rates for education and healthcare remained stable.