Macroeconomic Forecast Morocco

Moroccan inflation dropped to 2.6% y-o-y in April, down from 3.6% y-o-y in March. With prices dropping faster than expected, our year-end target of 2.5% y-o-y may be overly cautious, particularly with food prices likely to fall as this year's bumper harvest makes its way into markets. That said, we recently raised our average annual oil price forecast to US$52.00/bbl (from US$45.50/bbl), which poses an upside risk to prices later in the year.

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