Inflation Morocco 2023
Average inflation: 6.1%
Current Inflation
Inflation is very high at 6.1%, far above the ECB target.
Peak and Trough
The highest inflation was in February at 10.1%. The lowest inflation was in December at 3.4%.
- Highest month
- February: 10.1%
- Lowest month
- December: 3.4%
- Difference
- 6.7 percentage points
- Months with data
- 12 of 12
Category Insights
The highest price increase was in Food with an average of 13.1%. The lowest price increase was in Energy with an average of 1.0%.
- Highest increase
- Food: 13.1%
- Lowest increase
- Energy: 1.0%
Historical Context
Current inflation is 3.1% higher than the 5-year average of 3.0%. This approaches the highest level since records began (6.6% in 2022).
- 5-year average
- 3%
- 10-year average
- 2.1%
- All-time high (2022)
- 6.6%
- All-time low (2019)
- 0.3%
Trend
Inflation shows an upward trend. Compared to 2022, inflation has risen by -0.5 percentage point.
- Change vs. previous year
- -0.5 percentage points
- Largest monthly swing
- February: +6.5 percentage points
ECB Target
Inflation is 4.1% above the ECB target of 2.0%. This means purchasing power is declining faster than intended.
Purchasing Power
At this high inflation rate, purchasing power rapidly decreases. This has a major impact on households, especially without adequate salary increases.
What you could buy for €100 this year will cost approximately €106.10 next year at this inflation rate.
Multi-year trend
Monthly figures 2023
Inflation by category
Inflation differs per product group. Click on a category for the historical trend.
Month overview
| Month | Inflation | Difference vs. 2022 |
|---|---|---|
| January | 8.9% | +5.8 |
| February | 10.1% | +6.5 |
| March | 8.2% | +2.9 |
| April | 7.8% | +1.9 |
| May | 7.1% | +1.2 |
| June | 5.5% | -1.7 |
| July | 4.9% | -2.8 |
| August | 5.0% | -3.0 |
| September | 4.9% | -3.4 |
| October | 4.3% | -3.8 |
| November | 3.6% | -4.7 |
| December | 3.4% | -4.9 |
| Average | 6.1% |
Data source
Data from WorldBank. Last updated: 06/01/2026.