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.