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Sunday, May 26, 2024

Inflation on Downward Trend Thanks to Emergency Measures Accompanying Monetary Tightening (Official)

Inflation is following a gradual downward trajectory thanks to the emergency measures accompanying the tightening of monetary policy, Minister Delegate in charge of the Budget, Fouzi Lekjaa, told the House of Representatives on Friday.

“This downward trend in inflation is set to continue”, said Lekjaa, who was presenting the general framework of the Finance Bill (PLF) for 2024 at a joint meeting of the Finance Committees of the House of Representatives and the House of Advisors.

The Minister also pointed to the gradual transformation of inflationary pressures, mainly external, into internal pressures since the start of the second quarter of 2022, extending to local raw materials, in addition to the drought and water stress that have accentuated the rise in food prices.

This gradual decline in inflation, he added, is continuing, particularly in view of the fall in raw material prices, the easing of tensions in supply chains, and the considerable drop in sea freight costs.

Among the factors likely to bring inflation down, underlined the Minister, are concerted efforts to accompany the restrictive nature of monetary policy, including emergency measures taken by the government to mitigate the repercussions of inflation on local prices and to supply raw materials at prices in line with household purchasing power and the activities of certain sectors.

In this vein, the Minister pointed out that the national economy is maintaining its stability thanks to the policies adopted, despite the persistence of a difficult international situation, specifying that this reinforces the confidence of the international financial community, which is a key factor in the mobilization of low-cost financing and the attractiveness of foreign direct investment (FDI).

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