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FINANCIAL NEWS
Morocco’s inflation reaches 2.6% in November
21 Dec 2010
(MENAFN) A report issued by Morocco’s economic planning and statistics authority (HCP) showed that the kingdom’s year-on-year inflation rose to 2.6 percent in November, exceeding for the first time the government’s 2010 inflation forecast, Reuters reported.
Food and beverage prices, which account for more than 40 percent of the North African country’s consumer price index, rose 5.2 percent in the 12 months to end-November, while education costs rose 4.6 percent over the same period, HCP said in a statement.
Compared with the previous month, prices fell 0.7 percent after a 1.6 percent drop in food and beverage prices, said HCP, Morocco’s economic planning and statistics authority.
Underlying inflation, a gauge used by Morocco’s central bank to set the benchmark interest rate that excludes state tariffs and volatile prices, was up by an annual 0.5 percent in November against 0.4 percent in October.
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