Akintunde Oyedokun
Research Analyst
Oil prices rose on Friday, marking a second consecutive weekly gain. Brent crude closed at $72.16 per barrel, and WTI at $68.28, with weekly gains of 2.1% and 1.6%, respectively. This increase was driven by new U.S. sanctions on Iran and OPEC+’s plan to cut production by up to 435,000 barrels per day until June 2026. The market is now focused on compliance from key producers like Iraq, Kazakhstan, and Russia.
UK Consumer Confidence Shows Modest Gains in March
UK consumer confidence edged up in March, with the GfK Consumer Confidence Index rising from -20 to -19, marking a three-month high. While views on the economy for the next year improved slightly, personal financial outlooks remained cautious. The economic sentiment index increased by two points to -29. Despite this improvement, confidence remains fragile, and Finance Minister Rachel Reeves is expected to announce additional spending cuts. The survey, conducted from February 28 to March 13, included 2,005 respondents.
Canada’s Retail Sales Decline In January Amid Falling Purchases
Canada’s retail sales dropped by 0.6% in January to C$69.4 billion, surpassing the expected 0.4% decline. This follows a 2.6% increase in December, influenced by seasonal factors and a temporary sales tax break. Sales fell in several sectors, particularly cars and groceries, while gasoline sales rose by 3.2%. Analysts predict further declines in February, with tariffs and tax changes affecting consumer sentiment. Retail sales are a key indicator of Canada’s economic health, contributing significantly to GDP growth.
Ethiopia Grants First Investment Banking Licenses to Local Firms
Ethiopia issued its first investment banking licenses to CBE Capital and Wegagen Capital Investment Bank, marking a significant step in Prime Minister Abiy Ahmed’s efforts to open the economy to private capital. The Ethiopian Capital Market Authority (ECA) awarded the licenses, highlighting their role in creating a more diversified capital market. The move comes after other liberalization efforts, including the introduction of private telecoms and financial services, and the floatation of the local birr currency.
Health Inflation In Nigeria Eases To 17.5% in February 2025, But Costs Keep Climbing
Nigeria’s health inflation rate dropped to 17.5% in February 2025, down from 25.02% the previous year, indicating a slowdown in price increases. However, healthcare costs continued to rise, with the health index climbing to 111.1 from 94.6 in 2024.
On a monthly basis, health inflation rose by 0.12%. This decline in inflation comes amid the CPI rebasing, which increased healthcare’s weight in the inflation basket from 3.0% to 6.1%. Despite the moderation, rising healthcare costs remain a challenge for Nigerian households, contributing 1.40% to overall inflation.
