MOROCCO · ECONOMY
Key Facts
- —What is happening Morocco’s annual inflation rose to 0.5% in September 2026, published on Thursday, 22 October, after a 0.3% fall in August, as consumer prices climbed 1.0% in one month.
- —Why it matters The reading beat a market forecast of a 0.1% fall and reverses August’s drop, with food and fuel pushing costs higher in a country that has a free trade agreement with the US.
- —The numbers Prices rose 1.0% from August, with food up 1.6% and non-food up 0.4%; over twelve months food fell 2.5% while non-food rose 2.8%, and underlying inflation reached 0.6%.
- —Who is who The High Commission for Planning, known by its French initials HCP, is the state statistics agency that publishes the index; Bank Al-Maghrib is the central bank, which held its rate at 2.25% on 22 September.
- —What to watch The October index is the next test of whether food and fuel keep rising, and the central bank’s next quarterly meeting will show whether it changes its 0.7% forecast for 2026.
- —What it means for you For US travellers, importers and investors, inflation of 0.5% means Moroccan consumer prices are still stable, but the September jump in food and fuel is a signal to watch.
Morocco’s consumer prices rose 1.0% in September, lifting annual inflation to 0.5% after a 0.3% fall in August. The planning agency published the figures on Thursday, 22 October.
Morocco inflation rose to 0.5% in September 2026, the High Commission for Planning (HCP) said on Thursday, 22 October. The reading follows a 0.3% fall in August and beat a market forecast of a 0.1% fall.
For a US reader, the figure matters because Morocco is a free trade partner of the United States and a popular destination. Food is still cheaper than a year ago, but monthly prices are rising again, and fuel is part of the story.
How Morocco Inflation Moved in September
The HCP is the state agency that measures prices and runs the national statistics. Its index of consumer prices rose 1.0% from August to September, after a monthly rise of 0.8% in August.
Against September 2025, the index was up 0.5%, the HCP said. In August the same comparison showed a fall of 0.3%, so the annual reading moved by 0.8 percentage points in one month.
The annual figure hides a split between food and everything else. Food prices were 2.5% lower than a year ago, while non-food prices were 2.8% higher.
Food and Fuel Drive the Monthly Rise
Food prices rose 1.6% in the month, and non-food prices rose 0.4%, according to the HCP note. Meat and vegetables rose 4.3%, the largest food increase the agency listed.
Milk, cheese and eggs rose 1.6%, mineral water and soft drinks rose 0.2%, and fruit rose 0.1%. Prices fell 0.4% for fish and seafood and 0.3% for coffee, tea and cocoa.
Fuel was the main non-food driver, with fuel prices up 2.0% over the month. That is a smaller rise than in August, when the HCP recorded a 9.8% monthly jump in fuel.
Over twelve months, transport costs were up 9.4%, compared with 7.3% in the August note. Communication prices were flat, which was the low end of the non-food range.
Where Prices Rose Fastest Across Morocco
The HCP also tracks prices city by city. Laâyoune in the south recorded the biggest monthly rise at 2.8%, followed by Beni Mellal at 2.4% and Guelmim at 1.6%.
Marrakech rose 1.4%, Rabat 1.3% and Settat 1.1%, while Casablanca and Tangier each rose 0.6%. Al Hoceima was the only city with a fall, at 0.3%.
Underlying Inflation and the Central Bank
The HCP also publishes an underlying measure that leaves out volatile food and fuel items and goods with regulated prices. It rose 0.5% from August and 0.6% from September 2025.
In August the same measure had risen 0.2% on the month and 0.1% on the year. That points to price pressure beyond volatile items, though one month is a short record.
Bank Al-Maghrib, Morocco’s central bank, held its key rate at 2.25% on Tuesday, 22 September, according to Hespress. It forecast average inflation of 0.7% for 2026 and 1.5% for 2027, Hespress reported.
Underlying inflation is seen moving from a 0.2% fall this year to a 2.2% rise in 2027. The bank said inflation averaged 0.3% over the first eight months of 2026, helped by lower food prices.
Subsidies for road transport firms and fixed prices for butane gas and electricity limited the energy surge, the bank said. It projects the 2026 energy import bill at 138.1 billion dirhams (about US$14.0 billion), up 28.4%.
What It Means for US Readers
For US firms and investors in Morocco, a 0.5% annual rate is still low. The 1.0% monthly jump is the number to watch, because it shows how fast food and fuel costs can change.
US travellers face stable prices overall, though meat, vegetables and fuel costs rose in September. Dirham amounts in this article use the market rate of 9.83 per US dollar from 15 October 2026.
What Is Not Known
It is not clear whether the jump in meat and vegetable prices is a one month swing or a trend. The HCP note does not give a cause for the rise.
The note does not explain why fuel prices rose 2.0% in September after jumping 9.8% in August. No official comment on the September figure had been found.
Hespress in French put 0.1% in its headline and first line, but its later text and the HCP note give 0.5%. This article uses the HCP figure of 0.5% for the annual rate.
What Comes Next
The HCP will publish the October index in its next monthly note, which will show whether the September rise carries on. Bank Al-Maghrib will hold its next quarterly meeting later this year, and no date was confirmed.
A single month does not set a trend, and 0.5% is well below the 0.7% average the central bank expects for 2026. The 1.0% monthly rise does not mean that annual inflation will stay above zero.
Frequently Asked Questions
What is Morocco’s inflation rate for September 2026?
The HCP reports that consumer prices were 0.5% higher than in September 2025. Prices rose 1.0% from August.
What was the rate before September?
Annual inflation was a fall of 0.3% in August 2026. The monthly change in August was a rise of 0.8%.
Which prices rose the most?
Meat and vegetables rose 4.3% in the month, the largest increase in the food group. Fuel rose 2.0% and transport is up 9.4% over a year.
Who publishes the figure?
The HCP, the High Commission for Planning, is Morocco’s state statistics and planning agency. It publishes the consumer price index every month.
What is Bank Al-Maghrib’s view?
The central bank held its rate at 2.25% on 22 September and forecast average inflation of 0.7% in 2026. It did so before the September figure was out.
Sources: HCP, consumer price index for September 2026; HCP, consumer price index for August 2026; Hespress (French), 22 October; Hespress (French), August index; Hespress (French), Bank Al-Maghrib, 22 September (all accessed 22 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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