UK service sector growth slows as prices rise
Growth in the UK dominant services sector slowed last month as companies raised their prices at the fastest pace for nearly a decade, according to a closely watched survey.
The Markit/CIPS purchasing managers’ index (PMI) for services fell to 53.8, down from 55.6 in October.
However, this was still above the 50 threshold for growth, which the sector has achieved for 16 consecutive months.
The report noted a “sharp and accelerated rise in prices” by firms.
Duncan Brock, director of customer relationships at the Chartered Institute of Procurement & Supply (CIPS), said: “November’s data painted a disappointing portrait of a sector struggling against Brexit-related uncertainty and a weaker economic outlook.
“Businesses could no longer fight against the tide of higher prices for food, fuel and salaries as input cost inflation remained close to its strongest for six years, and businesses passed these increases on to consumers at the fastest rate since February 2008.”
Source by BBC