The roughly $1.07 billion month-on-month decrease may reflect a combination of factors, including interventions by monetary authorities to stabilise the naira and meet import and debt-service obligations. While the reserves level remains sizable, the April movement will be closely watched by investors assessing Nigeria’s external resilience and its capacity to manage capital flows and exchange-rate volatility.

Market participants are likely to monitor subsequent monthly readings to determine whether this April decline marks the start of a trend or a temporary adjustment in Nigeria’s reserve management strategy. For now, the latest data signal a modest softening in the country’s foreign-currency cushion heading into the middle of 2026.

Geopolitical tensions remain high despite a ceasefire that has largely held since early April. Mutual US and Iranian blockades have effectively closed the Strait of Hormuz, choking off a significant share of global oil shipments and triggering what the International Energy Agency has described as an unprecedented supply shock. At the same time, US crude exports have climbed to record highs as buyers around the world scramble to secure alternative sources of supply.

The main contributor to inflation was the transport category, where price growth accelerated to 7.8% from 5.0%. This was followed by alcoholic beverages, tobacco and narcotics (2.46% versus 0.36% in March), information and communication (3.49% versus 2.97%), recreation and culture (6.85% versus 5.27%), and miscellaneous goods and services (1.76% versus 0.96%).

At the same time, prices rebounded in several key sectors. Food and non-alcoholic beverages shifted to a 1.89% increase after a 0.87% decline, while housing and utilities rose 3.02% following a 3.00% drop in March.

On a monthly basis, consumer prices climbed 1.47% in April, the fastest pace since October 2022, after a modest 0.12% increase in the previous month.

The latest increase takes the policy rate to its highest level in recent years, signalling an effort to rein in mounting price pressures and anchor inflation expectations. The jump from 3.50% to 5.50% suggests that policymakers see inflation risks as sufficiently elevated to warrant strong action rather than a gradual adjustment.

Investors and businesses in Botswana are likely to reassess borrowing and investment plans in light of higher financing costs, while banks may adjust lending and deposit rates accordingly. The impact on consumer credit and mortgage demand will be closely watched as markets digest the sharper-than-expected tightening.

The latest reading, updated on 30 April 2026, points to a significant loss of optimism among Spanish households. While no further details on the underlying drivers were provided, the scale of the decline suggests rising caution over the economic outlook, which could weigh on consumer spending decisions in the near term.

With confidence now well below the previous March 2026 level, market participants and policymakers are likely to monitor upcoming data closely for signs of whether this drop marks the start of a more persistent weakening in sentiment or a short-term reaction to specific events.

Both the current and previous readings are based on year-on-year comparisons, measuring each quarter’s performance against the same quarter a year earlier. This acceleration from Q4 2025 to Q1 2026 suggests improving conditions in Serbia’s economy as it enters 2026, though more detailed sector data would be needed to identify the specific drivers behind the stronger growth.

The month-over-month measure shows that industrial activity not only remained in expansion but gained significant momentum, suggesting a broad-based strengthening in production. With output growth more than doubling compared with the prior monthly change, the figures point to a notably firmer backdrop for Israel’s industrial economy as it moved through February.

In contrast, manufacturing producer inflation inched up to 3.0% from 2.9%, supported by higher prices in food (4.3%), beverages (0.7%), rubber and plastic products (2.1%), and other transport equipment (5.2%). Costs in electricity, gas, steam and air-conditioning supply also rose more sharply, accelerating to 18.0% from 12.6% in February.

On a monthly basis, producer prices were unchanged in March, following a 0.9% decline in February.

By sector, prices increased in manufacturing (4.7% vs. 0.3% in February), while deflation in mining and quarrying eased (-0.1% vs. -0.7%). In contrast, price growth moderated in water supply, sewerage, waste management, and remediation activities (4.2% vs. 4.4%), and prices fell further in electricity, gas, steam, and air-conditioning supply (-9.1% vs. -8.8%).

On a monthly basis, producer prices rose by 3.3% in March, after a 0.4% increase in the previous month.

By contrast, manufacturing output accelerated, rising 1.9% in March compared with 1.3% in February. The strongest gains were registered in:

• Machinery and equipment n.e.c.: +3.8%
• Textiles: +3.8%
• Leather and related products: +6.3%
• Basic pharmaceutical products and pharmaceutical preparations: +26.7%
• Rubber and plastic products: +6.0%
• Other non-metallic mineral products: +7.6%

At the same time, mining and quarrying returned to growth, rising 3.4% after a 4.1% decline in February.

On a seasonally adjusted month-on-month basis, total industrial production fell by 1.7% in March, following a 0.8% decrease in February. Over the January–March period, overall output was up 0.4% compared with the same period a year earlier.

Goods prices accelerated sharply (3.2% vs. 0.8% previously), driven in part by an increase in unprocessed food inflation, which rose to 6.0% from 4.7%. By contrast, inflation in services slowed to 2.4% from 2.8%, reflecting weaker price pressures in recreational, cultural and personal care services (2.6% vs. 3.0%) and in transportation services (0.5% vs. 2.2%). Housing-related services were an exception, with inflation in this category edging up to 2.5% from 2.2%.

Core inflation, which excludes energy and fresh food, eased to 1.6% from 1.9%, while inflation excluding only energy decelerated more modestly, to 2.0% from 2.1%. The Harmonised Index of Consumer Prices (HICP) rose 2.9% year-on-year and 1.7% month-on-month. On a monthly basis, the national consumer price index increased by 1.2%, the fastest pace since October 2022.

The move from 1.8% to 2.3% suggests a modest firming in pipeline inflation pressures at the factory gate, after a period of relatively subdued producer price growth. While still indicating a relatively low inflation environment on the production side, the upward shift in March will be closely watched for any signs that cost pressures could start feeding through to consumer prices in the coming months.

The latest reading underscores the gradual change in producer dynamics in early 2026, with the March data confirming that February’s 1.8% year-over-year increase marked a near-term low point rather than a new trend towards weaker producer inflation.

On a month-over-month basis, the “actual” March figure compares the price change in March to February, while the “previous” February figure reflects the change from January to February. The return to positive growth in March suggests that producer prices are once again exerting upward pressure in the supply chain after a brief pause in February.

The firming in PPI can influence cost structures for South African businesses and may eventually filter through to consumer prices, with investors and policymakers likely to watch subsequent months’ data closely for signs of sustained pricing pressure.

By place of origin, imports rose markedly from China (76.8%), Hong Kong (86.2%), Italy (18.9%), the United States (23%), and Japan (1.3%).

Exports also increased, rising 24.2% to MOP 1.4 billion, supported by higher shipments of machines, apparatus and parts (up 47.9%), diamond and diamond jewellery (94.8%), and travel goods and handbags (34%). Export growth was notable to China (64%), Hong Kong (22.4%), Italy (78.4%), Vietnam (565.8%), and Singapore (67%).

Over the first quarter of 2026 as a whole, Macau’s trade deficit expanded to MOP 33.1 billion from MOP 26.3 billion in the corresponding period of the previous year, as exports rose 19.7% while imports climbed 25.1%.

Across specialized store categories, retail turnover rose in supermarkets (5.7%), department stores (2.7%), food, beverages, and tobacco (11.4%), pharmaceutical products and cosmetics (10.2%), furniture, electrical equipment, and household goods (17.3%), and books, stationery, and other goods (7.1%).

On a seasonally adjusted month-on-month basis, retail activity grew by 1.4% in February, compared with 0.9% in January, reaching its highest level since October 2025.