The Consumer Price Index (CPI) began 2026 with a marginal uptick, registering a month-on-month increase of 0.3 percent in January. This modest expansion in the headline figure masks a deeper divergence between the various components of the basket, as a robust surge in food prices effectively neutralized a slight cooling in the non-food sector. Specifically, the food index climbed by 0.8 percent, while the non-food category experienced a fractional decline of 0.1 percent. This dynamic highlights the continued sensitivity of the national economy to the inherent volatility of agricultural and maritime commodities.
Within the food sector, the primary catalyst for the monthly increase was a sharp 10.4 percent jump in the price of fish and seafood, accompanied by a 2.7 percent appreciation in vegetable costs. Other staples also trended upward, including fruits at 0.7 percent, meats at 0.4 percent, and the stimulants category comprising coffee, tea, and cocoa at 0.2 percent. These inflationary pressures were partially offset by significant price corrections in other essential areas, most notably a 3.1 percent drop in oils and fats, and a minor 0.3 percent softening in the dairy, cheese, and egg segment. In the non-food domain, the most impactful development was the 5.9 percent reduction in fuel prices, a factor that provided a necessary buffer against the broader rise in the cost of living.
The geographical distribution of these price movements reveals a highly heterogeneous landscape. Beni-Mellal stood out with a significant 1.5 percent increase in its local CPI, while Settat and Al-hoceima followed with more moderate gains of 0.7 percent. Major economic hubs such as Casablanca, Tétouan, and Meknès aligned closely with the national average, posting 0.3 percent increases. Conversely, some regions enjoyed a deflationary environment during the same period, with Dakhla recording a 0.3 percent decrease, while Tanger and Fès saw their indices retract by 0.2 percent and 0.1 percent, respectively.
When examined through a year-on-year lens, the data suggests a broader disinflationary trend. Compared to January 2025, the headline CPI has actually retreated by 0.8 percent. This annual contraction is the direct result of a substantial 2.1 percent decline in food prices over the twelve-month period, which eclipsed a modest 0.4 percent rise in non-food items. The non-food sector itself showcased internal volatility, ranging from a 2.9 percent drop in transport costs to a 2.8 percent increase in the price of miscellaneous goods and services.
Crucially, the core inflation indicator—which excludes volatile commodities and public tariffs to provide a clearer view of underlying structural trends—remained stagnant relative to December 2025. On an annual basis, this core measure sits 1.2 percent lower than it did in January 2025. For investors and policymakers, this stagnation in core inflation suggests that while seasonal and supply-side shocks continue to buffet specific sectors, the fundamental inflationary environment remains characterized by remarkable stability and a lack of structural upward momentum.
