UK PMI data from S&P Global/CIPS revealed the same uneven growth seen in the EU report as services continue to excel while the manufacturing sector witnesses a further contraction. A global growth slowdown coupled with the hottest inflation in western Europe, poses a massive challenge for Britain’s economic outlook as stagflation concerns gain traction.
In fact, it’s the very services sector which has contributed to the latest elevated CPI print, as food and non-alcoholic beverages continue to provide upward pressure on the general level of prices.
