Macroeconomic Forecast Morocco

We are forecasting inflation to tick up once again over the second half of the year, after dropping sharply in May. The latest CPI reading came in at 0.4% y-o-y, due to a combination of high base effects, lower commodity prices and weak consumer demand. However, by the end of the year, oil prices are likely to be higher than in the same period of 2008, which will feed through into higher household bills and transport costs. We are forecasting a year-end CPI figure of 2.5% y-o-y.

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