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UK service sector recovery gains momentum despite inflation pressures
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Britain’s dominant services sector grew by more than expected last month despite a steep rise in inflationary pressures, according to a survey published as the Bank of England considers raising interest rates.
The latest snapshot from the closely watched IHS Markit and the Chartered Institute of Procurement and Supply (Cips) report showed activity in the services sector, which contributes about 80% to economic growth, gained momentum in October.
However, staff shortages and stretched supply chains contributed to a jump in inflationary pressures, with operating expenses and the prices charged by services firms rising at the steepest rate since records began in July 1996.
The development comes as Threadneedle Street’s monetary policy committee
Read more on theguardian.comAbout this in other media
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