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Inflation soared to 10% in Morocco due to high food and transportation costs in February end
Posted on March 27, 2023 |
In February end, in Morocco, the inflation rate jumped to 10.1% on an annual basis due to an increase in food prices by 20.1%, and an increase in transportation costs by 8.3%.
The Central Bank of Morocco was forced to raise the main interest rate on 22 March from 50 basis points to 3%, which is the 3rd consecutive increase in interest rates to reach its highest level since 2014.
The Moroccan government gave a budget of 40 billion dirhams ( $3.8 billion) over the past year to support the prices of electricity, transportation, wheat, cooking gas, and sugar through the clearing box،