Morocco's inflation soars to year-high in August

Reuters, Tuesday 20 Sep 2011

Surge in food and education pushes inflation up 2.2 per cent, exceeding the year's forecast for the second month

Inflation in Morocco jumped to 2.2 per cent in August from a year earlier, staying for a second straight month above the forecast for this year, due mainly to a surge in food and education costs, official data showed on Tuesday.

Compared with their level a year earlier, consumer food prices rose 4 per cent in August, data from the state's High Planning Commission (HCP) showed, while they were up by an annual 3.1 per cent in July.

Underlying inflation, a gauge used by Morocco's central bank to set the benchmark interest rate that excludes state tariffs and volatile prices, rose by an annual 1.3 per cent in August, but was unchanged from the three previous months.

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