Casablanca – Morocco’s inflation rate accelerated during April 2026, reflecting renewed pressure on household spending and transportation costs as higher fuel prices continued to affect the broader economy. Official data released by Morocco’s High Commission for Planning (HCP) showed that the Consumer Price Index (CPI) increased by 1.7% compared with the same month in 2025, marking the highest inflation level recorded since early 2025.

The latest figures indicate that rising energy costs, particularly fuel prices, were the main driver behind the increase, despite noticeable declines in the prices of several essential food products during the same period.

According to the HCP, non-food prices rose by 2.5% year-on-year in April, while food prices recorded a more moderate increase of 0.6%. The data reflects the growing impact of imported energy inflation on the Moroccan economy, which remains heavily dependent on foreign fuel supplies and international energy market fluctuations.

Fuel prices recorded the sharpest increase among non-food categories, rising by 21.8% during April compared with March. The surge quickly translated into higher transportation and logistics costs across the country. Official statistics showed that transport prices increased by 8.4% on an annual basis, making the sector one of the largest contributors to inflationary pressure during the month.

On a monthly basis, the Consumer Price Index increased by 0.4% in April compared with March 2026. The increase was mainly driven by a 1.2% rise in non-food prices, while food prices declined by 0.6%.

Several food categories registered notable decreases, helping limit the overall pace of inflation. Prices of fish and seafood dropped by 11.1%, while milk, cheese, and eggs declined by 3.2%. Vegetable prices fell by 1.8%, and oils and fats decreased by 1.6%. Bread and cereals also recorded a slight decline of 0.2%.

However, other food items continued to rise in price, partly offsetting those declines. Fruit prices increased by 4.7%, while meat prices rose by 1.6%. Prices of mineral water, soft drinks, and fruit and vegetable juices also recorded modest increases.

Economists say the current inflation pattern reflects a shift from food-driven inflation toward energy- and service-related inflation, particularly after international oil markets experienced renewed volatility linked to geopolitical tensions in the Middle East and disruptions affecting global energy supply chains.

Morocco has been particularly exposed to these developments because the kingdom imports most of its refined petroleum needs from international markets. As global fuel prices increased in recent months, local fuel distribution costs also rose, directly affecting transportation, freight, and service activities.

The rise in transport costs has renewed public debate over purchasing power and the impact of higher living expenses on Moroccan households, especially middle- and low-income families already facing pressure from rising utility and mobility costs.

In response to rising fuel prices, Moroccan authorities have continued support measures targeting strategic sectors, particularly transportation. Government support programs for transport operators, alongside subsidies for electricity and cooking gas, have remained important tools aimed at reducing the transmission of international energy price increases to consumers.

Fouzi Lekjaa, Minister Delegate for the Budget, previously stated that government support for transportation, electricity, and cooking gas costs the state around $170 million per month, highlighting the growing financial burden associated with stabilizing consumer prices and protecting purchasing power.

Regionally, inflation levels varied significantly across Moroccan cities during April. Laayoune recorded the highest monthly increase in consumer prices at 1.6%, followed by Tetouan and Al Hoceima at 0.9%, while Casablanca registered an increase of 0.8%.

Other cities also experienced moderate price increases, including Safi at 0.7%, and Oujda, Rabat, and Errachidia at 0.6%. Fez and Meknes recorded increases of 0.3%, while Agadir, Kenitra, Tangier, and Guelmim saw smaller increases of 0.2%.

In contrast, some urban areas recorded declines in consumer prices. Marrakesh and Beni Mellal both posted decreases of 0.4%, while Settat saw a decline of 0.3%.

Meanwhile, Morocco’s core inflation index — which excludes products with regulated prices and highly volatile goods — increased slightly by 0.1% on a monthly basis but declined by 0.3% year-on-year. Analysts view this trend as evidence that inflationary pressures remain uneven across sectors, with energy-related costs continuing to outweigh the easing effect of lower food prices.

Against this backdrop, Bank Al-Maghrib (Morocco Central Bank) has maintained a cautious monetary policy stance. The central bank kept its benchmark interest rate unchanged at 2.25% during its latest meetings, while continuing to monitor international energy markets, inflation trends, and the broader economic impact of global geopolitical tensions.

Although Morocco’s inflation rate remains lower than levels recorded during the peak inflation period of 2022 and 2023, the renewed increase in April signals that price pressures have not fully disappeared. Future inflation trends are expected to depend largely on developments in international oil prices, shipping costs, and regional geopolitical stability.

Investors, businesses, and consumers across Morocco are therefore closely watching global energy market movements, given their direct influence on transportation expenses, production costs, and overall living conditions in the kingdom.