摩洛哥CFG25指数 (CasablancaCFG25) 加自选

摩洛哥的年通货膨胀率从上个月的2%上升到2025年2月的2.6%。这是自2023年12月以来的最高读数，因为食品和非酒精饮料（1月份为4.7%对3.4%）、服装和鞋类（1.1%对0.9）以及餐厅和酒店（3.7%对3.5%）的价格加速上涨。与此同时，运输成本下降速度较慢（-1.7%对-2.7%）。与此同时，酒精饮料和烟草（2.9%对3%）以及杂项商品和服务（1.8%对2%）的通胀放缓，而娱乐和文化的通胀则有所下降（-0.1%对0.2%）。按月计算，2月份消费者价格指数上涨0.3%，较前一时期2%的涨幅有所放缓。

The annual inflation rate in Morocco rose to 2.6% in February 2025 from 2% in the previous month. This marked the highest reading since December 2023, as prices accelerated for food and non-alcoholic beverages (4.7% vs 3.4% in January), clothing and footwear (1.1% vs 0.9), and restaurant and hotels (3.7% vs 3.5%). At the same time, costs declined at a softer pace for transport (-1.7% vs -2.7%). Meanwhile, inflation slowed for alcoholic beverages and tobacco (2.9% vs 3%) and miscellaneous goods and services (1.8% vs 2%), while it decreased for recreation and culture (-0.1% vs 0.2%). On a monthly basis, consumer prices rose by 0.3% in February, slowing from a 2% increase in the preceding period.

摩洛哥央行在2025年3月的会议上将关键利率从2.5%降至2.25%，使借贷成本在去年6月和12月类似下调后恢复到2022年的水平。尽管预计通胀将适度加速，但央行预计未来两年通胀率将保持在2%左右。通货膨胀率从2024年12月的0.7%上升到1月的2%。与此同时，预计2025年和2026年的经济增长率分别为3.9%和4.2%，高于2024年的约3.2%。此外，政策制定者宣布了一项新计划，旨在支持银行为非常小的企业融资，其中包括以优惠利率为参与银行再融资，该利率设定为关键政策利率减去25个基点。

The Central Bank of Morocco cut its key interest rate to 2.25% from 2.5% during its March 2025 meeting, bringing borrowing costs back to 2022 levels following similar reductions in June and December of last year. Despite expectations of a moderate acceleration in inflation, the central bank projects it will remain around 2% over the next two years. Inflation rose to 2% in January from 0.7% in December 2024. Meanwhile, economic growth is forecast at 3.9% for 2025 and 4.2% for 2026, up from approximately 3.2% in 2024. Additionally, policymakers announced a new program aimed at supporting bank financing for very small enterprises, which includes refinancing for participating banks at a preferential rate, set at the key policy rate minus 25 basis points.

继上一季度强劲增长9.2%之后，摩洛哥制造业产量在2024年最后一个季度同比增长5%。这一增长主要是由几个关键行业的产出增加推动的，包括其他非金属矿产品（+12.5%）、化学工业（+6.6%）、计算机、电子和光学产品（+25.7%）、烟草制品（+5.6%），食品工业（+2.4%）和制药（+7.6%）。另一方面，其他运输设备（-14.5%）、服装（-2.9%）、皮革和鞋类（-7.3%）和纺织品（-2.3%）的产量下降。考虑到2024年全年，制造业产出增长了5.4%。

Manufacturing production in Morocco grew by 5% year-on-year in the last quarter of 2024, following a strong 9.2% increase in the previous quarter. This growth was primarily driven by higher output in several key sectors, including other non-metallic mineral products (+12.5%), the chemical industry (+6.6%), computer, electronic, and optical products (+25.7%), tobacco-based products (+5.6%), the food industry (+2.4%), and pharmaceuticals (+7.6%). On the other hand, production fell for other transport equipment (-14.5%), apparel (-2.9%), leather and footwear (-7.3%), and textile (-2.3%). Considering full 2024, manufacturing output rose 5.4%.

摩洛哥的年通货膨胀率从上个月的0.7%上升到2025年1月的2.0%。这标志着自2024年1月以来的最高通货膨胀率，食品和非酒精饮料价格上涨幅度为一年来最大（3.4%对2024年12月的0.6%）。此外，酒精饮料和烟草的通货膨胀加速（3.0%对2.4%），而住房和公用事业（3.6%）、家具、家居用品和日常家庭维护（0.3%）以及教育（2.3%）的通货膨胀保持稳定。与此同时，服装和鞋类（0.9%对1.3%）、杂项商品和服务（2.0%对2.2%）、娱乐和文化（0.2%对0.3%）以及餐馆和酒店（3.5%对3.8%）的通货膨胀有所缓和。与此同时，通信价格在12月小幅上涨0.1%后持平。此外，运输业的通缩有所缓解（-2.7%对-3.2%）。1月份，消费者价格指数上涨0.8%，为五个月来首次上涨，从前一个月0.2%的跌幅反弹。

The annual inflation rate in Morocco increased to 2.0% in January 2025 from 0.7% in the previous month. It marked the highest inflation rate since January 2024, with food and non-alcoholic beverage prices rising the most in a year (3.4% vs 0.6% in December 2024). Also, inflation accelerated for alcoholic beverages and tobacco (3.0% vs 2.4%), while it remained stable for housing and utilities (at 3.6%), furniture, household items, and routine household maintenance (at 0.3%), and education (at 2.3%). Meanwhile, inflation moderated for clothing and footwear (0.9% vs 1.3%), miscellaneous goods and services (2.0% vs 2.2%), recreation and culture (0.2% vs 0.3%), and restaurants and hotels (3.5% vs 3.8%). In the meantime, communication prices were flat after edging up 0.1% in December. Additionally, deflation eased for transport (-2.7% vs. -3.2%). Monthly, consumer prices rose 0.8% in January, the first increase in five months, rebounding from a 0.2% fall in the previous month.