Morocco’s annual CPI up 8.1% in October

RABAT (Reuters) – Morocco’s consumer price index rose by 8.1% year-on-year in October, driven mainly by a surge in foodstuff prices, the high commission for planning said on Tuesday.

Food prices rose by 13.8% while non-food inflation increased by 4.3%. On a month-on-month basis, the index rose by 0.4%.

Core CPI, which excludes goods subject to price volatility, increased 7.1% year-on-year and 0.6% month-on-month.

Morocco’s central bank raised its benchmark interest rate by 50 basis points to 2% in September, citing the need to ensure price stability.

(Reporting by Ahmed Eljechtimi; Editing by Frank Jack Daniel)