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Morocco’s annual inflation, measured by the consumer price index, rose to 0.9% in March from minus 0.6% a month earlier, the statistics agency said on Wednesday. Food prices, which remain the main driver of inflation, increased 0.6% from a year earlier, while non-food prices rose 1.1%.
Core inflation, which strips out more volatile items, was up 0.6% year on year and 0.1% month on month. The reading suggests price pressures are still modest by regional standards, but the rise marks a clear reversal from the previous month’s decline.
The government has been forced to respond to the jump in fuel prices linked to the Iran conflict. It has reintroduced subsidies for professional transporters, including taxis, buses and trucks, in an effort to keep transport costs stable and avoid a wider pass-through into consumer prices.
Budget minister Fouzi Lekjaa said fuel subsidies, along with aid to keep electricity and cooking gas prices stable, would cost the government 1.6 billion dirhams, or about $170 million, every month. The policy shows how Morocco is leaning on targeted support to cushion households and businesses from imported energy shocks.
