Inflation is expected to remain at contained levels, rising from an average of 0.7 percent in 2020 to 1.4 percent in 2021, to 2.1 percent in 2022, and then revert to 1.4 percent in 2023, according to the projections of Morocco's central bank (Bank Al-Maghrib).
"Despite this sharp increase in its core component, inflation is expected to remain at contained levels, rising from an average of 0.7 percent in 2020 to 1.4 percent in 2021, to 2.1 percent in 2022, and then revert to 1.4 percent in 2023," said the Central Bank in a statement issued at the end of the last quarterly meeting of its Board of Directors for 2021, held Tuesday.
The available data on consumer prices show significant increases in recent months in some food products, fuels and lubricants, BAM noted, explaining that this evolution is essentially the result of external pressures linked to the surge in their prices on the international markets.
This was reflected in a marked acceleration in the underlying component of inflation which rose from an average of 0.7 percent in the first half of the year to 2 percent in the third quarter and to 3.3 percent in November, the statement said, adding that it should amount to 1.7 percent on average for the whole of this year and stand at 2.7 percent in 2022 before returning to 1.8 percent in 2023 with the expected dissipation of external pressures.
