Photo by Rob Lambert - Unsplash ‹ › In November 2025, the Producer Price Index (PPI) for the manufacturing industries sector, excluding oil refining, rose by 0.3% compared to October, according to an information note released on Tuesday by the High Commission for Planning (HCP). This increase was mainly driven by a 1.8% rise in prices in the chemical industry, the HCP said. Prices also increased in the manufacturing of other non-metallic mineral products (+0.8%) and in the food industries (+0.2%). By contrast, prices declined in the metallurgy sector and the textile industry, both of which recorded a 1.3% decrease. The HCP further noted that the PPI for extractive industries posted only a marginal increase of 0.1% over the same period. Meanwhile, producer prices for electricity production and distribution, as well as water production and distribution, remained unchanged in November. More specifically, the producer price index for hydrocarbon extraction and metallic mineral extraction remained stable (0%), while that of other extractive industries rose slightly by 0.1%. These developments come as inflationary pressures continue to ease. Since January 2024, the Consumer Price Index (CPI) has followed a downward trend, reaching 0.1% in October 2025, according to Bank Al-Maghrib (BAM). The central bank has recently revised its inflation forecast for 2025 downward to 0.8%. In the same context, economic growth for 2025 has been revised upward for the fourth consecutive time, now projected at 5%, marking the highest growth rate since 2021.
