Akintunde Oyedokun
Research Analyst
Oil prices jumped nearly 6% on Thursday, with Brent reaching $107.08 and WTI $101.62 as escalating Middle East tensions raised fears of supply disruptions.
Stronger Chinese crude demand and falling OPEC output also supported prices, keeping the oil market under pressure.
Germany Inflation Rises to 2.9% in August
German inflation accelerated to 2.9% in August, confirming preliminary figures released earlier, according to the Federal Statistical Office.
On the EU-harmonised measure, consumer prices rose 2.8% year-on-year, up from July. The increase adds to pressure on households as price growth moves further above the European Central Bank’s 2% target.
New Zealand Factory Growth Eases in August
New Zealand’s manufacturing growth slowed in August, with the PMI falling to 53.1 from 54.3 in July.
Despite the slowdown, activity remained above the 50-point mark, indicating continued expansion.
Businesses cited rising living costs and Middle East tensions as key pressures on growth.
South Africa Swings to Current Account Deficit on Higher Oil Costs
South Africa’s current account swung to a 2.6% of GDP deficit in the second quarter from a 2.3% surplus in Q1, as higher oil costs linked to the Middle East conflict pushed up import expenses.
The trade surplus also narrowed sharply to 146.4 billion rand, while crude oil import costs jumped 82.1% despite only a 1.8% rise in volumes.
Nigeria Spends ₦3.3tn on Food Imports In 2026H1
Nigeria spent ₦3.3tn on food and beverage imports in H1 2026, down 3.1% from ₦3.4tn a year earlier, despite imports rising to ₦1.91tn in Q2.
The increase reflects continued pressure on food supply and affordability.
It also highlights the need to boost domestic production and reduce reliance on imported food.
