Morocco’s CPI drops 0.7% in January

21 Feb 2010

(MENAFN) A report issued by the Moroccan High Planning Commission showed that the kingdom’s consumer price index (CPI) fell by 0.7 percent year-on-year in January as falling food prices more than offset increases in other areas, Reuters reported.

The commission said in its report that food prices, which account for more than 40 percent of the inflation gauge, declined 2.4 percent while non-food prices rose 0.8 percent.

But in a monthly basis, the inflation rate rose by 0.2 percent in January from December due to a 0.2 percent growth in food prices, the Commission said.

The government expects this year’s inflation to remain at the same level of one per cent recorded in the previous year versus 3.9 percent in 2008 – which was the highest level in 10 years mainly because of high food and oil prices.

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