Page 8 - FIPI - Policy Economic Report - May 2025
P. 8
POLICY AND ECONOMIC REPORT
OIL & GAS MARKET
Figure 2: Inflation: All items and all items less than food & energy, OECD (%)
Source- OECD
Global PMI
Although an expansion of global output was sustained in April, exports and optimism declined while
employment stalled following the announcement of additional US tariffs. This was while prices charged
for goods and services rose at an accelerated rate.
The J.P.Morgan Global PMI Composite Output Index- produced by S&P Global -posted 50.8 in April,
down from 52.0 in March. This signalled an extension of the global economic expansion that
commenced in February 2023, though at the softest pace in nearly one-and-a-half years.
The modest rise in manufacturing production seen during the month was part driven by the front-
loading of goods orders ahead of higher tariffs, while services activity growth decelerated to the slowest
since November 2023, altogether reflecting the impact of recent changes in trade policies. Business
optimism meanwhile slumped to its lowest since the pandemic, contributing to the stalling of
employment growth.
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