The year 2025 was marked by overall controlled inflation in Morocco. According to indicators from the High Commission for Planning (HCP), the average annual Consumer Price Index (CPI), as well as core inflation, increased by 0.8% over the year. This figure confirms a structural slowdown compared to previous periods of high inflationary pressures.
The month of December 2025 illustrates this moderate trend with a monthly decrease of 0.1% in the CPI. This decline is mainly attributed to the stabilization of international prices and improved supply chain fluidity. In response to this favorable context, Bank Al-Maghrib maintained a prudent monetary policy, promoting a balance between supporting growth and price stability.
However, this national average masks notable regional disparities:
• Fez: +1.7%
• Kenitra: +1.3%
• Casablanca: +0.7%
These gaps are explained by differentiated logistics costs and occasional sectoral tensions in certain local markets. At the same time, although overall inflation is low, the persistence of certain production costs and climatic uncertainties continue to exert latent pressure on volatile products.
In summary, 2025 marks the gradual return to monetary stability in Morocco, thus providing better visibility for companies in their investments. Nevertheless, vigilance remains necessary for 2026: the evolution of energy prices and the management of water resources will remain determining factors in consolidating these economic gains.