February 1, 2023

The dire situation became known to Moroccan families as rising prices forced many of these families to wipe out their savings at a time when some families resorted to loans and others resorted to the so-called “dart” to end the crisis. This was announced by the High Commissioner for Planning, and experts say that the reason is mainly the high level of inflation, which has reached a record level.

And the Higher Planning Commission, in a note to it, expected that consumer prices would continue to rise during the fourth quarter of 2022 at the same pace as in the previous quarter, reaching an increase of +8.1 percent in line with the annual change instead of +2. 5 percent over the previous year, not to mention a 14.1 percent rise in food prices.

The Delegate stated that despite a slight increase in interest rates, households are expected to turn to loans to finance consumption, especially in October and November 2022, with consumption-oriented loans more than doubling. compared to the same period in 2021.

In this context, economist Mohamed Djedri said: “Morocco is experiencing an unprecedented wave of inflation as the inflation rate hit 8.3 percent at the end of November last year; Consequently, high prices for a group of materials and services have prompted many families to reduce their consumption. Rather, most families have exhausted their savings and most of them have resorted to loans, especially since the last quarter of the year incurs additional costs associated with school entry.

Jedry explained in a statement to Hespress that many families, despite reaching the credit ceiling in banking institutions, are resorting to unstructured loan methods such as “Dart”; This has forced many families to reduce their consumption of many non-essential materials and services.

The economist expected the wave of inflation to continue, but at a lesser intensity during the first half of this year, commenting: “Moreover, household consumption needs to be reduced today to curb inflation, as the Bank of Morocco raised the main interest rate to make loans unaffordable for both families as well as for business.”

Notably, the Planning Delegation expected prices for services, especially education, to accelerate and prices for industrial products to continue to rise at the same pace as in the third quarter of 2022, due to the previous increase in prices for factors of production and production costs. .

According to the memorandum, national economic activity is expected to show resilience based on the hypothesis that agricultural season climatic conditions will return to their normal seasonal trend as household purchasing power tends to increase, especially in rural areas. This will help increase consumer spending by 4.5 percent in the first quarter of 2023, on an annualized basis, from 1.1 percent in the same period in 2022.

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