Morocco’s annual inflation rate edged up to 0.3% in November from 0.1% in October, driven by a 0.4% increase in non-food prices, while food prices dropped 1.2% year-on-year. Core inflation, excluding volatile goods, decreased 0.9% year-on-year and 0.4% month-on-month.
The Moroccan central bank forecasts inflation to average 0.8% in 2025, rising to 1.3% in 2026 and 1.9% in 2027. The country’s economy is expected to grow 4.6% in 2025, driven by agriculture and investment, with foreign reserves projected to increase steadily.
The central bank has maintained its benchmark interest rate at 2.25%, citing contained inflation and global economic uncertainty.
The fiscal deficit is expected to narrow to 3.9% of GDP in 2025 and 3.4% in 2026, supported by stronger tax revenues.
