UK PMI Services was finalized at 54.3 in January, up from December’s 53.4. PMI Composite was finalized at 52.9, up from prior month’s 52.1.
Tim Moore from S&P Global noted the service sector’s performance revival, with output growth at its fastest in eight months due to increased business and consumer spending. New orders have rebounded, driven by diminishing recession fears and more flexible financial conditions.
Inflationary pressures eased in January, despite demand surge, with input costs rising at one of the slowest rates in three years. This slowdown is attributed to reduced energy, fuel, and raw material costs. However, service providers still face elevated wage pressures, contributing to a continued, albeit slower, rise in prices charged.