The Mercado Independencia is Morelia's main covered market and one of the best places in the city for a cheap, authentic meal. The food stalls inside serve all the Michoacan classics — carnitas in multiple forms (maciza, buche, cueritos), corundas, uchepos, sopa tarasca, and pozole. The stalls are busiest at breakfast and lunch; arrive by 1pm for the widest selection and freshest food.
Beyond the food section, the market sells everything from fresh produce and flowers to hardware and household goods. It's a working market, not a tourist attraction, and the prices reflect that. The carnitas stalls near the main entrance are particularly good — the pork is cooked in copper pots in the traditional Michoacan style, and you can watch the process if you get there early enough.