Business is soaring for UK services firms, and so are prices

    The post-lock recovery for UK utilities slowed slightly in June, but price pressures rose to a record high, adding to signs of further upward inflation, according to a survey released on Monday.

    The IHS Markit / CIPS Purchasing Managers’ Index for the industry rose to 62.4 from 62.9 in May, but was slightly higher than the June reading of 61.7.

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    Job creation was the fastest in seven years, but staff shortages nevertheless contributed to the highest level of delays since the survey began in 1996. This in turn helped drive up most records of inputs and outputs. prices charged.

    The British economy shrank by about 10% last year as the country suffered one of the highest Covid-19 death rates in the world.

    However, it is expected to grow faster this year than the United States and other advanced economies, with the help of the early Covid-19 vaccine and huge monetary and fiscal boost.

    Despite accelerating growth and inflation exceeding the 2% target, the Bank of England has said it is in no hurry to relax its support. He is waiting to see if unemployment rises as the government terminates their work subsidies over the next three months.

    IHS Markit said there had been a small drop in exports due to travel restrictions and uncertainty about quarantine policies. Some companies have also reported that Brexit-related issues have reduced export orders to the European Union.

    The composite PMI, including previous production data, also declined, falling to 62.2 from May of 62.9, which was the highest reading since the series began in January 1998.

    Newsvibe24 Source