Register now for FREE unlimited access to Reuters.com
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.