At the same time, supply chain pressures intensified, largely owing to continued disruption from the closure of the Strait of Hormuz amid the protracted conflict in the Middle East. Consequently, input costs rose at their quickest rate since June 2022, representing one of the sharpest increases seen outside the immediate post-pandemic surge.

Meanwhile, business confidence slipped to a one-year low, as manufacturers became more anxious about the implications of the Middle East conflict for global growth, alongside broader geopolitical tensions and uncertainty over government policy.

Net borrowing through other forms of consumer credit, including car finance arranged via dealerships and personal loans, eased to £1.2 billion from £1.3 billion in the previous month. By contrast, net borrowing on credit cards was broadly steady at £0.7 billion.

The annual growth rate of total consumer credit rose to 8.9%, up from 8.6% previously, reflecting a 12.3% increase in credit card borrowing and 7.4% growth in other forms of consumer credit.

The rise from February’s £6.8 billion suggests stronger demand for loans and consumer credit among UK households as spring began. While the data does not break down the composition of borrowing, the overall increase in net lending is likely to draw attention from policymakers and market participants monitoring the resilience of consumer activity and the trajectory of household balance sheets.

With net lending moving higher into March, analysts and investors may interpret the trend as a sign of firmer underlying economic momentum, while also watching for any signs of mounting credit risk should borrowing continue to outpace incomes in the months ahead.

The March figures indicate a month-on-month increase of £26 billion in the M3 aggregate, which includes cash, deposits, and other liquid assets within the financial system. This growth in broad money supply may be closely watched by markets and policymakers as they assess liquidity conditions, credit dynamics, and potential implications for inflation and interest rate expectations in the UK.

The increase of £1.31 billion over the period suggests a renewed appetite for borrowing in the housing market, following February’s comparatively weaker performance. While the figures do not explain the drivers behind the rebound, the March data point to a more active mortgage market as the first quarter of 2026 came to a close.

The updated numbers will be closely watched by market participants and policymakers as they assess the trajectory of the UK housing and credit markets heading into the rest of the year.

The increase of just under 1,000 approvals month-on-month points to a cautiously firmer demand for home loans, potentially reflecting improving buyer sentiment or slightly more accommodating lending conditions. While the change is incremental rather than dramatic, it indicates that mortgage activity is stabilising rather than weakening as the spring period progresses.

Market participants will be watching upcoming monthly releases closely to see whether March’s uptick develops into a more sustained trend in the UK housing market or remains a marginal improvement after February’s reading.

The modest deceleration suggests a slight cooling in household borrowing compared with the previous month. While the change from February to March is relatively small in absolute terms, it may be monitored closely by analysts for early signals about consumer confidence and spending momentum heading into the spring period.

Although the increase from 53.6 to 53.7 is marginal, it suggests that underlying manufacturing activity remained resilient through April 2026. The steady improvement in the headline PMI points to a sector that is still on a growth trajectory, indicating continued support for broader economic output at the start of the second quarter.

The month‑over‑month comparison shows that March’s gain built on the previous month’s momentum rather than marking a reversal. In February, M4 grew 0.7% versus January, and the March reading indicates a small but consistent strengthening in the pace of monetary expansion.

The M4 aggregate, which captures a wide range of money holdings in the economy, is closely watched as an indicator of underlying financial conditions. The incremental rise from February to March will be monitored by markets and policymakers as they assess the trajectory of credit, spending, and inflation dynamics in the months ahead.

In parallel, ECB policymaker Joachim Nagel warned that the central bank might need to tighten policy as early as June, pointing to a deteriorating inflation outlook and the danger of entrenched price pressures. Fellow official Madis Müller also indicated that interest rates may still need to rise. Markets now anticipate three rate hikes in 2026, with the first fully priced in by July. Further supporting the euro, Brent crude prices advanced after US President Donald Trump decided to maintain the naval blockade of Iranian ports.

At the same time, oil prices continued to climb after US President Donald Trump maintained a naval blockade of Iranian ports, stoking fears that the Strait of Hormuz could remain closed and prolong upward pressure on fuel costs. Investors also turned their attention to Britain’s forthcoming municipal elections, where opinion polls point to a substantial setback for Prime Minister Keir Starmer’s Labour Party.

The latest reading indicates a significant moderation in price pressures on a month-over-month basis. The “actual” April figure compares the CPI change in April to March, while the “previous” figure reflects the change in March relative to February, showing that the surge seen in March did not carry over into April.

The sharp deceleration suggests that some of the factors driving March’s stronger price gains have faded, as inflation returns to a more moderate monthly pace heading into the second quarter of 2026.

Pearson rose more than 1% after the education group reported a 4% increase in Q1 sales, driven by robust growth in its Virtual Learning division, and reiterated its guidance for 2026. Diageo gained 1.6% after US President Donald Trump announced plans to lift certain tariffs on Scotch whisky following a visit from King Charles III.

In commodities, oil prices extended their gains as Trump kept a naval blockade of Iranian ports in place. On the macroeconomic front, UK house price growth eased to 0.4% in April from 0.9% in March, bucking forecasts of a 0.3% decline.

On the corporate front, advances were led by select technology names, including SoftBank Group (up 3.9%), Tokyo Electron (up 6.9%), and Keyence Corporation (up 7.2%).

Investors also kept a close watch on geopolitical risks in the Middle East after President Donald Trump reaffirmed that the US would maintain its naval blockade of Iranian ports. Tehran, for its part, insisted it would not abandon its nuclear program and signaled that it would continue to exert control over the Strait of Hormuz.

Within the non-food segment, a sharp rise in sales of cultural and recreational goods (7.0% vs 0.1%) and a rebound in sales via stalls, markets, mail order, and the internet (0.2% vs -1.7%) were partly offset by weaker demand for household equipment, textiles, DIY products, and furniture (-5.2% vs -1.0%), as well as for information and communication equipment (-1.0% vs -3.2%).

Excluding fuel, total retail sales fell 0.2%, reversing a downwardly revised 0.5% increase in February. On a seasonally adjusted monthly basis, overall sales edged up 0.1% in March, following a revised 0.1% decline in the previous month.

The data, updated on 1 May 2026, indicate that the annual pace of commodity price growth has strengthened, as the “actual” figure for April compares the latest month to April of the previous year, while the “previous” figure reflects March’s change against March a year earlier. The pickup in annual growth suggests a firmer price environment for Australia’s key export commodities heading into the second quarter.

The figures are based on a year‑over‑year comparison, measuring how retail sales in March 2026 changed relative to March 2025, while the previous reading compared February 2026 to February 2025. The incremental rise suggests that, although momentum remains subdued, Swiss retail activity is gradually strengthening as the sector moves further into 2026.

U.S. equity futures also firmed after the S&P 500 and Nasdaq notched record closes on Thursday, buoyed by robust first-quarter earnings and easing geopolitical tensions in the Middle East.

Mining heavyweights led the rally, with BHP Group climbing 2.3%, Rio Tinto gaining 2.9%, and Fortescue adding 1.5%. In contrast, the major banks underperformed: the big four slipped, with ANZ falling 2.7% after it lifted its coverage ratio by 4 bps to reflect rising geopolitical risks.

On a weekly basis, however, the index declined 0.6%, marking a third consecutive week of losses as lingering inflation pressures fueled expectations of a possible 25 bps rate hike by the Reserve Bank next week.

The year-over-year comparison shows that the pace of price growth in April outstripped that of the previous month, suggesting improving momentum in residential property values. The “actual” April reading reflects the change versus April a year ago, while the “previous” figure for March captures the change versus March a year earlier.

The latest acceleration in the Nationwide HPI will be closely watched by investors and policymakers, as it may influence expectations around household wealth, mortgage activity, and the broader outlook for the UK housing sector in 2026.

On a month-over-month basis, the “actual” figure for April reflects the change in prices relative to March, while the “previous” reading of 0.9% captures the change in March compared with February. The step down from 0.9% to 0.4% suggests that, although UK house prices continued to edge higher, the pace of gains has eased as the spring selling season progresses.

For market watchers and housing analysts, the softer April print may point to emerging caution among buyers following a stronger March, and will likely be assessed in the context of broader economic conditions and interest-rate expectations in the coming months.