FX.co ★ Morocco Sees 2nd Straight Month of Deflation

Consumer prices in Morocco experienced a decrease of 0.3% in December 2025, consistent with the rate observed in November. This trend indicates the second consecutive month of deflation. Notable decreases were seen in sectors such as food (-1.5%, consistent with November), transport (-1.4% compared to November’s -1.5%), communication (-0.4% versus -0.3%), and leisure and culture (-0.5% down from -0.6%). Conversely, certain areas experienced upward price pressures: housing and utilities remained steady at 0.6%, clothing and footwear increased to 0.9% from 0.7%, healthcare rose to 0.3% from 0.2%, education held at 2.1%, alcoholic beverages and tobacco slightly increased to 3.5% from 3.4%, furnishings stayed at 0.7%, restaurants and hotels rose to 2.8% from 2.5%, and miscellaneous goods and services maintained a 1.7% rise. On a month-to-month basis, the Consumer Price Index (CPI) decreased by 0.1% in December, following a 0.6% decline in each of the two preceding months—marking the most significant decrease since January 2024. Throughout the year 2025, both headline and core inflation averaged 0.8%.