Inflation pressures rise as Services PMI slips to 58.1 in Feb
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New Delhi: India’s services sector growth moderated slightly in February as new order growth slowed to a 13-month low amid slower improvement in demand and a pick-up in inflation, a monthly survey said on Wednesday.
The seasonally adjusted HSBC India Services PMI Business Activity Index eased to 58.1 in February from 58.5 in January. In PMI parlance, a print above 50 indicates expansion.
“India’s Services PMI registered 58.1 in February, largely unchanged from January’s 58.5, signalling another month of robust expansion,” said Pranjul Bhandari, Chief India Economist at HSBC. She noted that while new order growth slowed to a 13-month low amid rising competition, international sales picked up and firms increased hiring to meet operational needs.
