Inflation should fall from 6.6% in 2022 to 6% on average in 2023, before settling at 2.6% in 2024, estimates Bank Al-Maghrib (BAM).

The underlying component would experience a similar trajectory, going from 6.6% to 5.6% then to 2.3% respectively, specifies BAM in a press release published at the end of the third quarterly meeting of its Council under the year 2023.

The Council also noted the clear deceleration of inflation which fell from a peak of 10.1% year-on-year in February to 5% in August, favored by the measures put in place by the government, the mitigation of external pressures and tightening of monetary policy.

He also noted that both medium- and long-term inflation expectations fell significantly in the third quarter of 2023 and took note of preliminary assessments which show that the transmission of its last three rate increase decisions director of monetary conditions and the real economy remains partial, adds the same source.