April certainly brought a sharper edge to the economic outlook with the Middle East crisis, inflation, volatile markets and fragile consumer confidence continuing to weigh heavily on investors.

The sharp increase in petrol prices fuelled a jump in inflation for March to 4.6%, the largest jump in three years. Underlying price growth was steadier, with trimmed mean inflation holding at 3.3%, although still exceeding the Reserve Bank’s target range of 2-3%. Opinions are currently split on where interest rates are heading.

In the US, the Federal Reserve voted narrowly to keep rates on hold despite worsening economic conditions.

The ASX 200 was sliding downwards towards the end of the month with the Australian dollar also weaker but still trading near four-year highs

The latest Westpac–Melbourne Institute survey showed sentiment falling, highlighting growing pressure on household budgets from fuel and borrowing costs.

Oil prices continued their stellar climb with Brent crude now at its highest level since 2022.