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Inflation in Morocco, as measured by consumer prices, was running at an annual 0.4 per cent in February, less than half its level a month earlier, as a drop in communication costs offset increases in food prices, official data showed. Food prices, which account for about 40 per cent of the consumer price index's total weighting, rose 0.4 per cent in February compared with their level a year earlier and versus a 1.6 per cent rise in January, the High Planning Authority said. Communication costs meanwhile fell 12.6 per cent in the 12 months to end-February, 2012, it said.
Underlying inflation, a gauge used by Morocco's central bank to set the benchmark interest, rose 1.3 per cent year-on-year, the authority said. On a monthly basis, inflation rose 0.3 per cent from January after a 0.7 per cent rise in food prices. Inflation, which stood at 0.9 per cent in 2011, is projected to rise to as much as 2.5 per cent in 2012, the government said. The state has spent the equivalent of 6 per cent of the $97-billion Gross Domestic Product (GDP) on subsidising staples, mostly wheat and sugar, as well as energy products, to hold down inflation.
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