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،