November inflation hits -0.3%, the lowest level in five years

Since December 2020, Morocco had not recorded a decline in inflation. In November 2025, consumer prices slipped slightly, down 0.3% — the first drop in five years. The fall was driven by a 1.5% decrease in food prices. Deflation is not unprecedented in Morocco: similar episodes were recorded between 2010 and 2019.

Until then, inflation had been easing month after month, following the peaks of 2022–2023 seen worldwide. In October, it was already close to zero (+0.1%).

Key figures for November 2025:

• Inflation rate over the past 12 months: –0.3%.
• Average inflation rate for January–November 2025: +0.8%.

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The HCP note provides the following details :

Month by month: The consumer price index fell by 0.6% in November 2025 compared with the previous month. The decline was driven by a 1.3% drop in the food index, while the non‑food index remained unchanged.

Between October and November 2025, food prices fell across several categories. The sharpest drop was recorded for fruits (–6.4%), followed by oils and fats (–5.2%), meat (–1.9%), fish and seafood (–0.4%), and coffee, tea and cocoa (–0.2%). In contrast, prices rose for vegetables (+2.3%) and for milk, cheese and eggs (+0.3%). Among non‑food products, the only notable increase concerned fuels (+0.2%).

The sharpest declines in the CPI were recorded in Errachidia (–1.4%), Settat and Al‑Hoceima (–1.2%), Safi and Beni‑Mellal (–1.1%), and Guelmim (–0.9%). Smaller decreases were noted in Oujda and Laâyoune (–0.7%), Casablanca (–0.6%), Kénitra, Marrakech, Meknès and Tangier (–0.4%), Agadir, Rabat and Tétouan (–0.3%), and Fès (–0.2%).

Over the last 12 months: Compared with November 2024, the consumer price index fell by 0.3% in November 2025. The decline reflects a 1.2% drop in the food index, offset by a 0.4% rise in the non‑food index. Within non‑food products, changes ranged from a 1.5% decrease in transport to a 2.5% increase in restaurants and hotels.

Underlying inflation indicator: Under these conditions, the underlying inflation indicator — which excludes volatile products and administered prices — fell by 0.4% in November 2025 compared with October, and by 0.9% compared with November 2024.

CONSUMER PRICE INDEX

EVOLUTION BY PRODUCT DIVISION

Source: Division of Statistical Indices. HCP

CONSUMER PRICE INDEX

EVOLUTION BY CITY

Source: Division of Statistical Indices. HCP

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