Akintunde Oyedokun
Research Analyst
Brent crude fell 1.42% to $104.55 a barrel on Thursday as investors weighed possible US moves to ease tanker sanctions. Meanwhile, WTI rose 0.76% to $95.81. Renewed shipping attacks near the Strait of Hormuz supported prices, while Spain plans to release 4.4 million barrels from strategic reserves in October.
France’s Inflation Hits Highest Level Since January 2024
France’s EU-harmonised inflation rate rose to 3.4% year-on-year in September, up from 2.6% in August, reaching its highest level since January 2024, according to statistics agency INSEE. The figure matched the preliminary estimate released in late September. The acceleration highlights renewed price pressures in the euro zone’s second-largest economy.
US Jobless Claims Edge Up Slightly as Layoffs Remain Low
New applications for US unemployment benefits rose by 1,000 to 199,000 in the week ended October 10, remaining below 200,000 for the fifth consecutive week. The figures point to a relatively stable labour market despite sluggish hiring and rising economic pressures.
Meanwhile, continuing claims fell to 1.71 million, although the median duration of unemployment reached 11.5 weeks in September, near a four-and-a-half-year high.
South Africa’s Inflation Target Delayed Until 2028
South Africa’s central bank Governor, Lesetja Kganyago, warned that rising global energy and food prices could fuel inflation, which is expected to return to the 3% target only in 2028.
Inflation is projected to average 4.4% in 2026 before easing in 2027. The central bank raised interest rates in September, while Kganyago said future policy decisions would depend on economic data.
Nigeria’s Inflation Rate Drops to 14.63% in September
Nigeria’s headline inflation eased to 14.63% in September 2026 from 15.39% in August, according to the NBS. Month-on-month inflation slowed to 0.06% from 0.71%, supported by a decline in food prices.
Food inflation fell to -1.55%, while annual core inflation dropped to 12.95%. However, monthly core inflation rose to 1.11% from -0.06%, signalling renewed underlying price pressures.
