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    Home ยป UK Businesses Hike Prices at Record Pace as Market Sentiment Plunges
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    UK Businesses Hike Prices at Record Pace as Market Sentiment Plunges

    March 24, 20221 Min Read
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    UK firms are raising their prices at the fastest record pace in nearly 20 years as the Ukraine invasion drove costs higher.

    • Surging fuel, energy, and staff costs led companies to increase their prices at the fastest rate since 1999 when the PMI started reporting.
    • Chris Williamson, the chief business economist at S&P Global, stated that the risk of stagflation is increasing.
    • The headline seasonally adjusted S&P Global Composite Output Index registered 59.7 in March, slightly lower than 59.9 posted in February.
    • Business confidence dropped to 71.4 in March from 76.1 in February. Both manufacturing and services companies project a much weaker growth in the year ahead.

    Output across the manufacturing sector dropped to a five-month low, but service sector growth rose to reach a nine-month high, with people returning to offices.

    EuroStoxx 50 down -0.20%, EURUSD down -0.19%

    Source: S&P Global

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