FX.co ★ Morocco CPI Rises in March

Consumer prices in Morocco rose by 0.9% year-on-year in March 2026, following a 0.6% decline in February, thereby ending four consecutive months of deflation. The turnaround was largely driven by a rebound in transportation prices (up 0.8% vs. down 2.7% in February) and in food and non-alcoholic beverages (up 0.5% vs. down 2.2%).

Additional upward pressure came from alcoholic beverages and tobacco (3.7%, unchanged from February); clothing and footwear (1% vs. 0.9%); miscellaneous goods and services (3.5% vs. 3.8%); restaurants and hotels (2% vs. 2.1%); and education (2.1%, unchanged).

On a monthly basis, consumer prices jumped 1.2% in March, the steepest increase since April 2023, accelerating from a 0.5% rise in February. The monthly gain was mainly driven by higher prices for transportation (3%) and for food and non-alcoholic beverages (1.9%).