Morning Brief september 20th 2023

FINANCIAL MARKET HEADLINES
| MOROCCO | MICRODATA | Net income up 12% in H1 2023

| MOROCCO | IMMORENTE INVEST | FFO up 1% in H1 2023

ECONOMIC HEADLINES
| MOROCCO | INFLATION | An inflation rate of 5.0% in August 2023
In August 2023, the Consumer Prices Index rose by 0.3% compared to July, taking into account the increase of 0.2% in the food products index and 0.4% in the non-food products index. Year-on-year, the inflation rate stands at 5.0% in August 2023 after 4.9% in July, 5.5% in June and 7.1% in May.
Note that the underlying inflation indicator which excludes products at volatile prices and products at public tariffs, decreased by 0.2% in August 2023 compared to the previous month and increased by 4.9% compared to August 2022.

| BENIN | INFLATION | An inflation rate of 2.1% in August 2023
According to the National Institute of Statistics and Demography (INSTAD) of Benin, the Harmonized Consumer Prices Index recorded a decrease of 2.8% in August 2023 compared to the previous month. Year-on-year, the inflation rate stood at 2.1%.

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