Showing resilience

March appeared to be a month of global manufacturing resurgence with manufacturing activity expanding in the euro area (EA), the United Kingdom (UK) and China after several months of contraction. Services activity also continues to be in the expansionary zone in these economies.

On the other hand, the inflation experience among economies has been divergent. In March, inflation eased in China, the UK and the EA, while it picked up in the US. In Japan, inflation saw a sharp rise in February (the latest month for which data is available).