Article 39VPP UK consumers face sharpest price rise in services for nearly a decade

UK consumers face sharpest price rise in services for nearly a decade

by
Richard Partington
from Economics | The Guardian on (#39VPP)

Companies such as hotels and restaurants, IT and financial firms blamed weak pound since the Brexit vote for forcing up prices

Consumers face the sharpest increase in prices charged by services firms in almost a decade, according to a survey, as a range of businesses from hotels to IT companies seek to protect profits against rising costs since the EU referendum.

According to a survey from the data firm IHS Markit and the Chartered Institute of Procurement and Supply (Cips), companies in the services industries - such as hotels and restaurants, IT, financial services, transport and communications - blamed the weak pound since the Brexit vote for forcing them to drive up prices in November at the fastest pace since February 2008. That was the the second-fastest rise seen since the survey began in 1996.

The purchasing managers' indices, or PMIs, track services sector companies, manufacturers and building firms around the world.

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