In 2024, Morocco experienced a notable reduction in inflation, reaching low levels compared to previous years. According to the High Planning Commission (HCP), inflation stood at 0.7% in October 2024, down from 0.8% in September. This downward trend is mainly attributed to the fall in food prices, which declined from 1.2% to 0.7% in the second quarter of the year.
In response to this inflationary slowdown, Morocco’s central bank, Bank al Maghrib, cut interest rates by a quarter point to 2.75% in June 2024. This decision, the first since June 2020, reflects confidence in price stability and post-pandemic economic recovery.
However, the International Monetary Fund (IMF) has urged Morocco to implement additional measures to keep inflation under control and reduce public debt, which reached 69.47% of GDP in 2023. The IMF recommends strengthening fiscal institutions and building reserves to deal with possible future crises.
Despite low overall inflation, certain commodities experienced price increases. For example, the price of tomatoes increased significantly due to factors such as frost that reduced productivity and inefficient market management. This increase generated concern among consumers and put pressure on the local market.
In summary, 2024 was a year of moderate inflation in Morocco, the result of effective monetary policies and a resilient economy. However, challenges such as price increases in specific products and the need for fiscal consolidation require continued attention to ensure long-term economic stability.