In this week's edition:

·        U.S. Equities Advanced, Supported by Strong Investor Sentiment Following SpaceX’s Market Debut and Optimism Over the U.S.-Iran peace deal.

·        Gold Prices Fell 2.52% W/W, as Improving Geopolitical Sentiment Reduced Demand for Safe-Haven Assets.

·        Ghana’s Treasury Records Second Consecutive Oversubscription (11.70%) as Yields Rise at the Short and Long Ends.

·        Financial Stocks Fuel Market Rebound; GSE-CI Up 1.00% w/w to 64.67% YTD, While GSE‑FI Rose 4.00% W/W to 77.05% YTD.

Kindly click to view the full report: Global Market Update - March 15, 2026

AROUND THE GLOBE   

• U.S. Inflation Climbs to Fresh 2023 High

o   U.S. headline inflation accelerated to 4.2% y/y in May 2026, up from 3.8% in April 2026 and in line with expectations, marking its highest level since April 2023 and the third consecutive monthly increase. The rise was driven primarily by a surge in energy prices (+23.5% vs 17.9% in April 2026), including sharp gains in gasoline (40.5% vs 28.4% in April 2026) and fuel oil (58.9% vs 54.3% in April 2026), alongside stronger inflation in shelter (3.4% vs 3.3% in April 2026) and food (3.1% vs 2.3% in April 2026). On a monthly basis, CPI rose 0.5%, easing slightly from 0.6% in April, while core inflation edged up to 2.9% from 2.8%, although core monthly prices slowed to 0.2% from 0.4%, coming in below the 0.3% forecast.

• U.S. Producer Prices Accelerate While Core PPI Trails Expectations

o   U.S. producer prices rose by 1.1% m/m in May 2026, unchanged from a revised 1.1% increase in April and above forecasts of 0.7%, driven largely by a 2.8% surge in goods prices, including a sharp 23.4% jump in gasoline. In contrast, services inflation slowed to 0.3% from 0.7%, even as gains in portfolio management were partially offset by declining margins in wholesale and retail segments. On an annual basis, PPI accelerated to 6.5% from 6.4%, the highest since November 2022, while core PPI rose by 0.4% m/m and 4.9% y/y, both below expectations, indicating some easing in underlying price pressures.

• U.S. Trade Deficit Narrows as Exports Reach Record High

o   The U.S. trade deficit narrowed to $55.9 billion in April 2026, from a revised $56.6 billion in March, outperforming expectations of $56.1 billion. Exports rose by 2.6% to a record $327.1 billion, driven by strong gains in capital goods (+$4.0 billion), industrial supplies (+$2.5 billion), notably crude oil and petroleum products and consumer goods (+$1.7 billion), although services exports dipped slightly. Meanwhile, imports increased by 2.0% to $383.0 billion, the highest in a year, largely due to higher capital goods imports (+$7.0 billion), alongside modest gains in services, reflecting continued strong domestic demand.

• ECB Raises Rates for First Time Since 2023

o   The European Central Bank (ECB) increased interest rates by 25 basis points in June 2026, marking its first hike since 2023, as policymakers moved to reinforce their commitment to the 2% inflation target amid rising price pressures. The decision reflects concerns over elevated energy costs and persistent inflation risks linked to the Iran conflict and disruptions to global oil supply routes. The ECB revised its inflation forecasts upward, projecting 3.0% in 2026 (from 2.6%) and 2.3% in 2027 (from 2.0%), while core inflation was also raised, even as growth projections were slightly lowered to 0.8% for 2026 and 1.2% for 2027, highlighting a more challenging economic outlook.

• UK Economy Contracts Slightly in April

o   The UK economy contracted by 0.1% m/m in April 2026, in line with expectations, reversing a 0.3% expansion in March and marking the first decline since August 2025. The downturn was driven by a 0.2% drop in services output, led by weakness in administrative activities (-2.2%), arts and recreation (-4.3%), and wholesale and retail trade (-0.4%), although information and communication rose by 1.1%. Meanwhile, production remained flat after a 0.2% decline, and construction grew modestly by 0.1%, while on an annual basis GDP expanded by 1.2%, slightly below the 1.3% forecast.

• China Inflation Holds Steady in May

o   China’s annual inflation rate remained unchanged at 1.2% y/y in May 2026, slightly below expectations of 1.3%, as rising non‑food prices offset continued food‑price weakness. Non‑food inflation edged up to 1.9% from 1.8%, driven by higher transport costs (5.4% vs 4.6% in April 2026), while food prices declined further to -1.7% from -1.6% m/m, marking a second consecutive drop. Meanwhile, core inflation eased to 1.1% from 1.2%, and on a monthly basis, CPI fell 0.1%, reversing a 0.3% increase but outperforming forecasts for a 0.2% decline. 

• GHANA
• Ghana GDP Growth Accelerates in Q1 2026

o   Ghana’s economy expanded by 6.4% y/y in Q1 2026, up from 5.8% in Q4 2025 and marking the fastest growth since Q2 2025, driven largely by stronger non‑oil sector activity. The services sector grew by 7.1%, contributing 48.3% of total growth, led by information and communication (25.2%), alongside solid gains in transport (13%) and trade (9%), while the industrial sector rose by 6.9%, supported by mining (10.7%) and oil and gas (7.0%). Meanwhile, agriculture expanded 4.0%, and on a quarterly basis, GDP increased 1.6%, reflecting improving economic momentum.

• AFRICA
• Egypt Inflation Slows to Three‑Month Low in May

o   Egypt’s annual urban inflation eased to 14.6% in May 2026, down from 14.9% in April and slightly above expectations of 14.5%, marking the lowest level since February. The moderation was driven by a sharp slowdown in transport inflation (24.7% vs 29.2% in April 2026), alongside easing pressures in health, restaurants and recreation, although housing and utility costs accelerated to 40.4% from 38.5%. Meanwhile, food inflation rose to 7.6% from 6.7% m/m, and on a monthly basis, CPI increased 1.6%, up from 1.1%, indicating persistent underlying pressures.

• Kenya Holds Policy Rate Steady for Second Consecutive Meeting

o   The Central Bank of Kenya left its benchmark interest rate unchanged at 8.75% in June 2026, marking a second consecutive hold as policymakers aim to anchor inflation expectations and support exchange rate stability. Inflation rose for a third straight month to 6.7% in May, the highest since January 2024, driven by higher energy costs but remaining within the 5±2.5% target band. The bank expects inflation to stay within target, supported by policy measures, government interventions, stable food prices, and exchange rate stability, even as growth is projected at 4.9%, down from 5.3%, reflecting ongoing geopolitical and trade uncertainties.

• South Africa GDP Growth Surpasses Expectations in Q1

o   South Africa’s economy expanded by 0.5% q/q in Q1 2026, up from 0.4% in Q4 2025 and above forecasts of 0.3%, marking the sixth consecutive quarter of growth and the strongest performance since Q2 2025. The expansion was broad‑based, with nine of ten sectors growing, led by finance (0.9%), agriculture (3.9%), trade (0.7%), and transport (0.7%), although manufacturing contracted (-0.8%). Growth was supported by net exports (+0.9pp) as imports declined, while household consumption (0.1%) and government spending (0.6%) provided modest support, even as investment fell (-1.1%). On an annual basis, GDP rose by 1.9%, accelerating from 0.8% and slightly exceeding expectations of 1.8%.

 Sources: Bloomberg, Reuters, Trading Economics

In this week’s edition:

·        U.S. Stocks Closed at Record Highs, As Investors Assessed the Sustainability of the AI Rally Alongside Middle East Oil Supply Risks and Inflation Implications.

·        Gold Prices Rose 0.68% W/W, Supported by Reports That the U.S. and Iran May Extend Their Ceasefire.

·        Ghana’s Treasury Records Second Consecutive Undersubscription as Yields Rise Across the Curve.

·        GSE Extends Decline as Broad-Based Pullbacks Persist Across Key Counters; GSE-CI Down 1.14% W/W to 63.67% YTD, While GSE‑FI Dropped 0.35% W/W to 68.99% YTD.

 Kindly click to view the full report: Global Market Updates - June 1, 2026

AROUND THE GLOBE   

·        U.S. Q1 GDP Growth Revised Lower

o   U.S. economic growth was revised down to an annualized 1.6% in Q1 2026, from an initial estimate of 2.0%, though still up from 0.5% in Q4 2025, reflecting downward revisions to consumer spending and investment. Consumer spending rose by 1.4% (vs 1.6%), driven mainly by services, while private investment increased by 7.0% (vs 8.7%), with strong gains in equipment and intellectual property offset by declines in structures and residential investment. Meanwhile, net trade weighed on growth (-1.25pp) as imports (21.1%) outpaced exports (13.1%), while government spending rose by 4.4%, unchanged from the earlier estimate.

·        Euro Area Unemployment Rate Edges Above Expectations

o   The Euro area unemployment rate stood at 6.3% in April 2026, unchanged from March but slightly above expectations of 6.2%, despite a decline in the number of unemployed by 84,000 to 11.08 million. Youth unemployment improved to 14.7% from 15.1%, while disparities across major economies persisted, with Spain (10.3%), France (8.2%), and Italy (5.1%) recording higher rates compared to Germany (3.8%) and the Netherlands (3.9%). The jobless rate was unchanged from a year earlier, while the broader EU unemployment rate held at 6.0%.

·        Japan Manufacturing Growth Confirmed at Slower Pace

o   Japan’s manufacturing activity was confirmed at a PMI of 54.5 in May 2026, unchanged from the preliminary estimate but down from 55.1 in April, signalling a moderation from the strongest reading since January 2022. Output continued to expand, supported in part by stockpiling efforts amid Middle East‑related supply disruptions, while new order growth eased slightly despite export demand rising at the fastest pace in five years.

·        China Composite PMI Edges Higher as Overall Activity Expands

o   China’s National Bureau Statistics Composite PMI rose to 50.5 in May 2026, up from 50.1 in April, marking a third consecutive month of expansion in overall business activity. The improvement was driven by a modest rebound in the services sector, while manufacturing remained broadly stable, although external headwinds continued to weigh on momentum. Elevated energy costs and supply disruptions linked to the Middle East conflict, alongside lingering trade uncertainty with the US, continued to pressure margins and dampen business confidence.

GHANA 

·        Ghana Reserves Hit Multi‑Year High

o   Ghana’s gross international reserves climbed to a year‑plus high in May, reflecting improved external balances, yet the cedi continues to face sustained pressure from elevated dollar demand, dividend repatriation, and rising oil prices. Bank of Ghana data show reserves increasing to $14.4 billion as of May 18, 2026, up from US$13.8 billion at end‑2025, equivalent to 5.7 months of import cover, alongside a widening current account surplus to US$3.10 billion from US$2.43 billion a year earlier. Governor Dr. Johnson Asiama attributed the currency weakness to strong FX demand from the energy sector and seasonal corporate outflows, noting that the central bank continues to provide liquidity through regular auctions without resorting to aggressive intervention.

AFRICA 

·        South Africa Raises Policy Rate by 25bps Amid Rising Inflation Risks

o   The South African Reserve Bank increased its benchmark repo rate by 25 basis points to 7% on May 28, 2026, in line with expectations, marking the first rate hike since May 2023 (50 bps). The decision saw four of the six Monetary Policy Committee members vote in favor, while two preferred to maintain the current rate. The central bank cited heightened inflation risks linked to the Middle East conflict and warned that overlapping shocks could lead to second-round effects, warranting tighter monetary policy to keep inflation within target.

·        Kenya Inflation Climbs to Near 2½‑Year High

o   Kenya’s annual inflation rate accelerated to 6.7% in May 2026, up from 5.6% in April and marking the highest level since January 2024. The increase was driven largely by a sharp rise in transport costs (16.5% vs 10.0%) following fuel price hikes linked to higher global energy prices amid geopolitical tensions. Additional upward pressure came from food inflation (9.4% vs 8.8%) and housing and utility costs (3.4% vs 2.4%), reflecting broadening price pressures.

·        Nigeria Private Sector Activity Climbs to Nine‑Month High

o   Nigeria’s private‑sector activity strengthened in May 2026, with the Stanbic IBTC Bank PMI rising to 54.1 from 52.4 in April, marking the strongest growth since August 2025. The expansion was driven by faster increases in output and new orders, prompting firms to scale up purchasing and inventory levels, while supplier performance improved and employment continued to rise modestly. Although input and output price pressures remained elevated due to higher fuel costs, inflation eased to multi‑month lows, while business confidence stayed positive despite slipping to a one‑year low amid ongoing cost pressures and uncertainty.

Sources: Bloomberg, Reuters, Trading Economics

In this week's edition:

·        Tech-Led Selloff Sends U.S. Stocks Sharply Lower, as a Steep Decline in Semiconductor Shares Weighed on Investor Sentiment.

·        Gold Prices Fell 4.63% W/W, as a Stronger-than-Expected U.S. Jobs Report and Ongoing Middle East Tensions Fuelled Inflation and Interest Rate Concerns.

·        Ghana’s Treasury Auction Records 7.16% Oversubscription as Long-End Yields Rise Sharply.

·        GSE Extends Losing Streak as Selling Pressure Persists; GSE-CI Down 0.38% w/w to 63.04% YTD; Meanwhile, GSE‑FI Rose 0.74% W/W to 70.24% YTD. 

Kindly click to view the full report: Global Market Update - June 08, 2026

AROUND THE GLOBE   

• U.S. Unemployment Holds Steady in May

o   The U.S. unemployment rate remained unchanged at 4.3% in May 2026, in line with expectations, while labour market conditions showed modest improvement. The number of unemployed fell by 66,000 to 7.31 million, as total employment rose by 149,000, alongside a 83,000 increase in the labour force, with the participation rate holding at 61.8%. The employment‑to‑population ratio edged up to 59.2% from 59.1%, while the broader U‑6 unemployment rate eased to 8.1% from 8.2%, indicating slightly reduced labour market slack.

• Eurozone GDP Growth Revised Sharply Lower in Q1

o   Eurozone GDP growth was revised down to 0.3% y/y in Q1 2026, from an earlier estimate of 0.8%, marking the weakest expansion since Q4 2023 amid energy and inflation pressures. The data reflected a sharp slowdown in investment (0.3% inQ1 2026 vs 3.3% in Q4 2025), a contraction in exports (-0.9% vs 2.1%), and softer consumer spending (1.1% vs 1.3%), partly offset by stronger government expenditure (2.3% vs 1.5%). At the country level, Ireland contracted sharply (-16.8% vs 2.9%), while growth slowed across major economies, although Spain remained resilient (2.7% vs 2.6%), with quarterly GDP declining by 0.2% q/q, the first contraction since 2022.

• Euro Area Private Sector Contracts for Second Straight Month

o   Euro area private‑sector activity continued to weaken in May 2026, with the S&P Global Composite PMI revised up to 48.5 from 47.5, but still below April’s headline number (48.8), marking the fastest contraction in 18 months and a second consecutive month of decline. The downturn was driven by services (47.7 in May vs 47.6 in April), while manufacturing remained in expansion (51.6 in May vs 52.2 in April), as overall demand softened, particularly from export markets, where new orders fell at the fastest pace in five months. Labour market conditions also weakened with rising job losses, while input costs remained elevated and output price inflation accelerated for a third consecutive month, although business confidence showed a modest improvement.

• China FX Reserves Rise to Highest Since 2015

o   China’s foreign exchange reserves increased by USD 31.7 billion to USD 3.442 trillion in May 2026, up from USD 3.411 trillion in April, reaching their highest level since October 2015. The gains came alongside currency movements, with the yuan appreciating by 0.95% against the US Dollar even as the Dollar strengthened by 0.85% against a basket of major currencies. Meanwhile, the People’s Bank of China extended its gold‑buying streak to 19 consecutive months, with holdings rising to 74.96 million ounces, although their value declined slightly to USD 340.07 billion from USD 344.17 billion. 

• GHANA
• Ghana Inflation Rises to Four‑Month High in May

o   Ghana’s annual inflation rate increased to 3.7% in May 2026, up from 3.4% in April, marking the highest level since January and extending the recent upward trend. The rise was driven mainly by a sharp pickup in food inflation (3.3% in May vs 2.2% in April), reflecting higher energy and fertilizer costs linked to the Middle East conflict, alongside climate‑related pressures on agricultural output. Meanwhile, non‑food inflation edged down to 4.1% from 4.2%, while on a monthly basis, CPI rose by 1.1%, slightly above the 1.0% increase recorded in April.

• AFRICA
• Egypt Non‑Oil Private Sector Contraction Eases

o   Egypt’s non‑oil private sector showed signs of stabilization in May 2026, with the S&P Global PMI rising to 47.1 from 46.6 in April, indicating a slower pace of contraction. Activity improved across manufacturing and construction, supported by a sharp build‑up in inventories, the fastest in nearly three years—although input cost pressures intensified to the highest level since January 2023, driven by higher fuel, electricity, and wage costs alongside currency weakness. Despite rising costs and worsening supply chain conditions, with delivery delays at a near four‑year high, firms cut employment at the fastest rate since June 2020, even as business confidence improved to its strongest level since August 2024.

• South Africa Private Sector Activity Slips to Five‑Month Low

o   South Africa’s private‑sector activity weakened in May 2026, with the S&P Global PMI falling to 49.6 from 51.6 in April, dropping below the 50.0 threshold for the first time in five months. The decline was driven by renewed contractions in output and new orders, particularly in wholesale and retail, although the services sector remained in expansion. Cost pressures intensified, with input price inflation rising to its highest level since July 2022, pushing selling prices to a 46‑month high, even as firms continued to increase hiring at the fastest pace since September 2022.

• South Africa FX Reserves Decline Further in May

o   South Africa’s gross foreign exchange reserves fell to USD 76.58 billion in May 2026, down from USD 77.09 billion in April, remaining at their lowest level since December 2025. The decline was driven mainly by a reduction in the US dollar value of gold holdings (USD 18.27 billion vs USD 18.70 billion) and lower foreign currency reserves (USD   51.66 billion vs USD51.73 billion), alongside government‑related FX outflows. Meanwhile, SDR holdings dipped slightly to USD 6.65 billion from USD 6.66 billion, and the forward position edged down to USD0.58 billion, indicating modest adjustments across reserve components.

        Sources: Bloomberg, Reuters, Trading Economics

In this week’s edition: 

·        U.S. Equities Advanced, Supported by Progress in Middle East Peace Talks and a Strong Corporate Earnings Season. 

·        Gold Prices Fell 0.68% W/W, As Elevated Oil Prices Heightened Inflation Concerns and Strengthened Expectations of a U.S. Rate Hike this Year. 

·        Ghana’s Treasury Auction Returns to Undersubscription (12.30%) as Yields Remain Broadly Stable. 

·        GSE Rebounds on ZEN and MTNGH Gains Despite Continued Weakness in Financials; GSE-CI Up 1.39% w/w to 65.55% YTD, While GSE‑FI Slipped 2.33%% W/W to 69.50% YTD. 

 Kindly click to view the full report: Global Markets Update - May 25, 2026

AROUND THE GLOBE    

·        U.S. Manufacturing Expansion Accelerates to Highest Since 2022 

o   US manufacturing activity strengthened further in May 2026, with the S&P Global Manufacturing PMI rising to 55.3 from 54.5, beating expectations of 53.8 and marking the strongest expansion since May 2022. Output growth accelerated to a four‑year high, while employment rose at its fastest pace since June 2025, even as new orders growth moderated slightly but remained among the strongest in recent years, partly driven by precautionary inventory building amid Middle East tensions. 

·        Euro Area Inflation Confirmed at 2023 High 

o   Euro area annual inflation was confirmed at 3.0% in April 2026, the highest since September 2023 and well above the ECB’s 2.0% target, driven primarily by a 10.8% surge in energy prices, the sharpest since February 2023. Price pressures also picked up in non‑energy industrial goods (0.8% vs 0.5%) and unprocessed food (4.6% vs 4.2%), while services (3.0% vs 3.3%) and processed food (1.6% vs 1.7%) recorded slower growth, leading to a modest easing in core inflation to 2.2% from 2.3%. Among major economies, inflation accelerated in Germany (2.9% vs 2.8%), France (2.5% vs 2.0%), Italy (2.8% vs 1.6%), and Spain (3.5% vs 3.4%), but edged lower in the Netherlands (2.5% vs 2.6%). 

·        UK Inflation Falls to One‑Year Low in April 

o   UK annual inflation slowed to 2.8% in April 2026, down from 3.3% in March and below expectations of 3.0%, marking its lowest level since March 2025. The decline was largely driven by a sharp moderation in housing and utility costs (1.4% vs 5.3%), alongside softer increases in transport (4.5% vs 4.7%), food (3.0% vs 3.7%), health (2.4% vs 3.1%), and recreation (1.7% vs 2.8%), although fuel prices surged by 23.0%. Meanwhile, prices picked up for clothing (0.7% vs ‑0.8%) and household goods (0.5% vs ‑0.4%), while on a monthly basis CPI rose by 0.7%, unchanged from March. 

·        UK Manufacturing Growth Holds at Multi‑Year High 

o   UK manufacturing activity remained robust in May 2026, with the S&P Global Manufacturing PMI holding steady at 53.7, unchanged from April and above expectations of 53.0, matching its highest level since May 2022. Stronger output, which rose to a three‑month high, was supported by sustained demand, including client pre‑purchasing and stock‑building, as well as increased activity linked to data centre expansion. However, employment continued to decline, while cost pressures remained elevated and supply chains faced further disruptions, even as inventory accumulation accelerated to its fastest pace since July 2022 and business confidence improved slightly. 

·        Eurozone Manufacturing Growth Slows in May 

o   Eurozone manufacturing activity moderated in May 2026, with the S&P Global Manufacturing PMI falling to 51.4 from 52.2 in April, below expectations of 51.8, marking the softest expansion in three months. The slowdown reflected weaker new orders as earlier demand tied to stock‑building and pre‑emptive buying amid Middle East tensions began to fade, while manufacturing employment declined and output growth remained modest, extending its expansion to five months. Meanwhile, input costs and output prices rose sharply, even as purchasing activity increased for a third straight month and business sentiment improved slightly. 

·        China Fiscal Spending Rises Modestly as Policy Support Accelerates 

o   China’s fiscal spending increased by 1.3% y/y to CNY 9.48 trillion in January–April 2026, with execution reaching 31.6% of the annual budget, the fastest pace for the period in five years, signaling front‑loaded policy support. Central government spending rose by 5.1%, outpacing a 0.7% increase in local spending, while fiscal revenue growth accelerated to 3.5% from 1.1% in Q1, supported by stronger tax receipts. Tax revenue climbed by 3.9% y/y, while non‑tax revenue rose by 1.6%, reflecting improving fiscal inflows alongside targeted stimulus efforts.  

GHANA  

·        Ghana Pauses Easing Cycle, Holds Policy Rate at 14% 

o   The Bank of Ghana kept its benchmark interest rate unchanged at 14% in May 2026, pausing after five consecutive rate cuts as policymakers adopted a cautious stance to anchor inflation expectations while supporting growth. The decision comes amid rising external risks, with Governor Johnson Asiama noting that the Middle East conflict has heightened inflationary pressures and policy uncertainty. Although inflation edged up to 3.4% in April from 3.2%, it remains relatively contained, allowing the central bank to balance stability and economic support. 

·        Ghana Banking Sector Nears Full Recovery – IMF 

o   The IMF has indicated that Ghana’s banking sector is close to full recovery following the disruptions caused by the domestic debt restructuring, with most institutions now meeting required capital adequacy standards after a successful recapitalisation effort. While a few banks remain under resolution or undergoing final stabilisation measures, authorities are expected to complete reforms by the end of the IMF programme. The Fund noted that these efforts have significantly strengthened financial system resilience, positioning the sector for greater stability and renewed confidence in the post‑programme phase. 

AFRICA  

·        Egypt Central Bank Holds Rates Steady Amid Inflation Risks 

o   The Central Bank of Egypt maintained its benchmark interest rate at 19% in May 2026, in line with expectations, following a pickup in inflation, with headline inflation rising to 13.4% from 11.9% and core inflation accelerating to 12.7% from 11.2%. Policymakers warned that higher global energy and food prices, exchange‑rate volatility, and fiscal adjustments could slow disinflation and pose risks to the Q4 2026 inflation target. Meanwhile, the growth outlook was revised down, with FY2025/26 GDP growth forecast lowered to 4.9% from 5.1%, amid weaker external demand and ongoing geopolitical tensions. 

·        Nigeria Holds Policy Rate Steady Amid Renewed Inflation Pressures 

o   Nigeria’s central bank maintained its benchmark interest rate at 26.50% in May 2026, following a 50 bps hike in February, as policymakers adopted a cautious stance amid rising inflation and heightened global uncertainty. Governor Olayemi Cardoso emphasized the need for vigilance to anchor inflation expectations, with headline inflation rising to 15.7% in April from 15.4%, marking a second consecutive increase after a prolonged period of disinflation. The bank also kept key policy parameters unchanged, including the asymmetric corridor (+50/-450 bps), cash reserve ratio (45% for commercial banks, 16% for merchant banks), and liquidity ratio (30%), reinforcing its commitment to macroeconomic stability. 

·        South Africa Inflation Climbs to Over 18-month High in April 

o   South Africa’s annual inflation rate rose to 4.0% in April 2026, up from 3.1% in March and slightly above expectations of 3.9%, marking the highest level since August 2024. The increase was driven mainly by higher housing and utilities costs (5.2% vs 5.1%) and a sharp rebound in transport inflation (4.9% vs -1.6%) following fuel price hikes, although food inflation eased to 2.9% from 3.6% and price growth slowed in restaurants and hotels (5.2% vs 5.9%). Core inflation also picked up to 3.6% from 3.2%, while on a monthly basis CPI rose by 1.1%, accelerating from 0.6%, marking the strongest increase since July 2022. 

Sources: Bloomberg, Reuters, Trading Economics