Home Business UK business stumbles on inflation and Ukraine war worries -PMI

UK business stumbles on inflation and Ukraine war worries -PMI

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People walk across Millennium Bridge with the City of London financial district seen behind, amid the coronavirus disease (COVID-19) pandemic, in London, Britain, January 20, 2021. REUTERS/Hannah McKay

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LONDON, April 22 (Reuters) – Britain’s private sector suffered a sharp slowdown this month as high inflation and the conflict in Ukraine weighed on the country’s giant services sector, a survey published on Friday showed.

The preliminary S&P Global/CIPS composite Purchasing Managers’ Index (PMI) dropped to a three-month low of 57.6 in April from 60.9 in March. Economists polled by Reuters had mostly expected a smaller fall to 59.0.

A reading above 50 indicates growth in activity, but the lower number for April added to signs of a slowdown in Britain’s economy. That poses a challenge for the Bank of England as it tries to smother the surge in inflation with higher interest rates.

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