Published: Friday, 20 March 2026 at 13:00 (UK)
The coming week may be relatively light in terms of scheduled central bank events, but macroeconomic data will still be closely scrutinised, particularly against the backdrop of higher oil prices and ongoing geopolitical tensions in the Middle East. Inflation releases from Japan, the UK, and the US are likely to draw the most attention, as markets assess whether recent energy price moves are beginning to feed through into broader price pressures. Flash purchasing managers’ index (PMI) data will also provide a timely snapshot of global growth conditions, while Carnival’s latest results could offer insight into consumer demand trends.
Japan CPI and global inflation trends
Tuesday 24 March Following the conclusion of recent central bank meetings, markets are likely to refocus on inflation dynamics, particularly as the recent rise in oil prices raises concerns about renewed price pressures. Japan will be the first major economy to report inflation data this week, followed by the UK consumer price index (CPI) on Wednesday, alongside US import and export price data.
While each release may have a limited impact in isolation, collectively they should help establish a clearer picture of the current inflation environment. This, in turn, may influence expectations for the future path of monetary policy, especially if there are early signs that energy costs are beginning to feed through more broadly.
