Inflation: The CPI Falls By 0.8% In January

The Consumer Price Index (CPI) recorded, last January, a decline of 0.8% compared with the same month in 2025, according to the High Commission for Planning (HCP).

This decrease is the result of a 2.1% drop in the food-products index and a 0.4% rise in the non-food-products index, the HCP explains in an information note on the CPI for January 2026.

For non-food products, changes range from a 2.9% decrease for “Transport” to a 2.8% increase for “Miscellaneous goods and services,” the same source reports.

Compared with December 2025, the CPI rose by 0.3% last January. This change is the result of a 0.8% increase in the food-products index and a 0.1% decrease in the non-food-products index.

The increases in food products observed between December 2025 and January 2026 mainly concern “Fish and seafood” (+10.4%), “Vegetables” (+2.7%), “Fruit” (+0.7%), “Meat” (+0.4%), and “Coffee, tea and cocoa” (+0.2%).

By contrast, prices fell by 3.1% for “Oils and fats” and by 0.3% for “Milk, cheese and eggs.” For non-food products, the decline mainly affected “Fuels,” down 5.9%.

The largest CPI increases were recorded in Béni Mellal (+1.5%), Settat and Al Hoceima (+0.7%), Guelmim and Safi (+0.6%), Marrakech (+0.5%), Agadir (+0.4%), and Casablanca, Tétouan and Meknès (+0.3%).

Conversely, decreases were recorded in Dakhla (-0.3%), Tangier (-0.2%) and Fez (-0.1%). Under these conditions, the core inflation indicator—which excludes products with volatile prices and products subject to administered public tariffs—would have been unchanged in January 2026 compared with December 2025, and down 1.2% compared with January 2025.