U.K. Final Services PMI in July falls to lowest level in 17 months

According to SAP Global/CIPS, the final U.K. services sector Purchasing Managers’ Index (PMI) fell in July to its lowest level since early 2021, when a lockdown was imposed to contain the spread of the coronavirus. Inflationary pressures have slowed, however.

The final services PMI fell to 52.6 in July from 54.3 in June, the lowest level in 17 months and below the initial services PMI of 53.3, the report said.

A slowing economy and a rise in inflation to a 40-year high have increased pressure on the Bank of England (BoE), which will announce its next interest rate decision on Thursday (Aug. 4).

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