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UK services sector experiences slowdown as inflation hits 3-year low
Posted on June 7, 2024 |
The services sector in the UK observed a deceleration in growth last month.
Inflation within this sector hit a three-year low.
According to the S&P Global UK services PMI survey for May, the score dropped to 52.9 from April's 55.0.
This figure signifies the slowest expansion rate since November of the previous year.
Firms experienced a decrease in input cost inflation to its lowest level since February 2021.
As a result, customers are facing smaller price hikes.