HCP: The average annual CPI increases by 6.6% in 2022

The High Commission for Planning (HCP) has announced that the average annual consumer price index (CPI) will have increased, at the end of 2022, by 6.6% compared to 2021.

In a note on the CPI for the year 2022, the HCP specifies that this evolution is the result of the increase in the index of food products by 11% and that of non-food products by 3.9%.

The variations recorded for non-food products range from an increase of 0.1% for “Health” to 12.2% for “Transport”, notes the same source.

On this basis, the underlying inflation indicator would have increased by 5.8% during the year 2022 compared to the year 2021.

The largest increases in the annual CPI were recorded in Al-hoceima with 8.4%, in Kenitra and Beni-Mellal with 8%, in Errachidia with 7.6%, in Marrakech with 7.3%, in Safi with 7%, in Fez and Oujda with 6.9% and in Tetouan and Meknes with 6.8%.

During the month of December 2022, the consumer price index increased by 0.1% compared to the previous month, notes the HCP, adding that this variation is the result of the increase of 0.7 % of the food index and the 0.4% drop in the non-food index.

The increases in food products observed between November and December 2022 mainly concern “Milk, cheese and eggs” with 2.3%, “Oils and fats” with 1.9%, “Fish and seafood” with 1, 7%, “Vegetables” with 1.1%, “Coffee, tea and cocoa” with 0.7%, “Bread and cereals” with 0.4% and “Meat” with 0.1%.

On the other hand, prices fell by 1.8% for “Fruits”. For non-food products, the decline mainly concerned “Fuel” prices with 7.5%.

Under these conditions, the core inflation indicator, which excludes products at volatile prices and products at public prices, would have increased by 0.7% during the month of December 2022 compared to the previous month.

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