Macroeconomic Forecast Morocco

Moroccan inflation came in at 3.6% y-o-y in March. We are forecasting CPI to tick down over the remainder of the year, reaching 2.5% by December. However, it appears that inflation perceptions among the general public are still high - local media have reported popular frustration with the cost of food, which is said to be still rising. According to official figures, food inflation dropped in the first quarter of 2009 but was still a relatively high 6.0% y-o-y in March.

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