Consumer Price Inflation Slump To 1% in May, Morocco

Morocco’s consumer price inflation eased to an annual 1 percent in May from 1.2 percent in April due to a sharp drop in communication costs, official data showed on Wednesday. Food prices, which make up about 40 percent of the consumer price index’s total weighting, rose 2.6 percent in May compared with a year ago, data from the High Planning Authority showed. A month earlier, food prices were up an annual 2.7 percent. Communication costs fell by close to 27 percent in the 12 months to end-May, HCP data showed. Compared to the previous month, consumer prices rose 0.1 percent in May, it added. Morocco’s central bank expects inflation to average 1.4 percent in 2012 from less than 1 percent in 2011, according to Reuters.