The Consumer Price Index (CPI) in Morocco has fallen. In March, the CPI recorded 1.5% dipping to 0.9% in April year-on-year.
Morocco’s Finance Minister, Mohamed Benchaaboun says the country’s economy has been hit hard by the Coronavirus outbreak adding that plans are being set up to relaunch economic activity through promoting state investments, tourism and fostering domestic consumption.
According to the High Commission for Planning of Morocco, on a month-on-month basis, the index rose 0.1%. Food prices rose 2.7% while non-food prices dropped 0.3%. Core inflation, which excludes prices of volatile goods, was 0.1% month-on-month and 0.9% year-on-year.
The reduction in commercial activities has impacted negatively on the economy. Exports dropped during the first four months 61.5% due particularly to a retraction of sales of the car industry, aeronautics, electronics and textile, in a context worsened by the halt of tourism activity and fewer remittances.