Morning Brief june 20th, 2023

ECONOMIC HEADLINES
| MOROCCO | INFLATION | An inflation rate of 7.1% in May 2023
In May 2023, the Consumer Price Index showed a decline of 0.4% compared to April, taking into account the drop of 0.8% in the food index and 0.1% in the non-food index. On an annual basis, the inflation rate stands at 7.1% in May 2023 after 7.8% in April, 8.2% in March and 10.1% in February.
Note that the underlying inflation indicator, which excludes products with volatile prices and products with public tariffs, in-creased by 0.1% in May 2023 compared to the previous month and by 6.4% compared to May 2022 .

| TUNISIA | KEY RATE | BCT maintains the key rate unchanged at 8%
Following its meeting held on June 16th 2023, the Board of Directors of Tunisia’s Central Bank (BCT) decided to keep the key rate unchanged at 8%.

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