Fitch Ratings in London has reported that a significant increase in global energy costs is starting to manifest in inflation statistics for March, as revealed by many leading economies, including the United States and the eurozone.
In the major developed economies for which data is accessible, prices experienced an average monthly increase of 0.8%, marking the most substantial monthly escalation since 2022. Across all markets, the annual inflation rate saw an average rise of 0.3 percentage points, indicating that the impact of these energy price shocks has not yet fully penetrated consumer pricing. However, discrepancies were noted, as some countries implemented fuel price controls that mitigated the inflationary effect on consumer prices.
In contrast, yields on government bonds have increased universally, as investors anticipate potential fiscal and monetary actions alongside rising inflation. The increase in yields for 10-year U.S. government bonds has been relatively modest.
The quarterly report titled ‘Fitch-20 Economic Monitor’ (previously known as ‘20/20 Vision’) provides insights into the 20 key economies (the Fitch-20) that are central to Fitch’s Economics team’s macroeconomic evaluations. This report presents five years of high-frequency economic data across 20 different variables, ensuring consistent coverage for each nation.
To access the ‘Fitch-20 Economic Monitor: March 2026’, please follow the provided link or visit www.fitchratings.com.
For editors: The Economics team at Fitch, led by Chief Economist Brian Coulton, examines global macroeconomic trends and their effects on credit markets worldwide. The team regularly publishes research, forecasts, and analyses focusing on 20 significant advanced and emerging economies. The flagship publication, ‘Global Economic Outlook’, along with other economic research and commentary, can be found at www.fitchratings.com/site/economics.
