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.
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Source: S&P Global