Moroccan consumer prices up 0.9% in March

21 Apr 2010

(MENAFN) Morocco’s High Planning Commission (HCP) said that the Kingdom’s consumer prices rose by 0.9 percent in March from a year ago on higher food prices, below the government forecast of around 1 percent, Reuters reported.

Month-on month, inflation rose 1.4 percent in March versus the previous month on a 3.3 percent rise in food prices, the Commission said.

Underlying inflation, a measure used by Morocco’s central bank to fix monetary policy which excludes goods with volatile prices and state tariffs, was up 0.1 percent in March compared with the same month last year.

Food prices, which account for more than 40 percent of the inflation gauge, grew 0.9 percent while non-food prices had increased by the same pace, it added.

In 2009, headline inflation showed a marked slowdown of 0.5 percent from a 2008 figure of 3.9 percent, the highest level in a decade due to high food and energy prices.

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