FX.co ★ Morocco's Consumer Deflation Deepens in January

Morocco’s consumer price index fell by 0.8% year-on-year in January 2026, following a 0.3% decline in each of the previous two months. The overall drop was mainly driven by lower prices for food and non-alcoholic beverages (-2.4% vs. -1.5% in December), transport (-2.9% vs. -1.4%), communication (-0.4% vs. -0.4%), and recreation and culture (-0.4% vs. -0.5%).

In contrast, several categories continued to see notable price increases. The largest gains were recorded in alcoholic beverages and tobacco (+3.7%), miscellaneous goods and services (+2.8%), restaurants and hotels (+2.3%), and education (+2.1%).

On a monthly basis, the CPI rose by 0.3% in January, reversing a 0.1% decline in the previous month.