While a survey covering activity in the dominant services sector makes for positive reading, respondents say they are yet to fully pass on increases in their own operating costs to customers.
A return to workplaces and better weather has helped activity recover strongly in the services sector. File picA spike in demand for leisure and entertainment activities last month helped the UK economy grow at a better-than-expected rate, according to a closely-watched survey, as fears intensify that soaring inflation will apply the brakes.
The S&P Global/CIPS UK Services PMI, which measures the sector accounting for 80% of the country's economy bar retail, showed business activity rising at the fastest rate in 10 months. It reported that the return of improved weather and end of COVID pandemic restrictions provided a boost to workplace food outlets, cinema audiences and the like despite a hike in the cost of living that sawon 24 February - and the resulting sanctions imposed on Moscow by Western powers - have exacerbated the dire inflation picture by forcing up further key global commodity costs including oil and natural gas.
While these have been reflected in record bills at the fuel pumps, the energy price cap is yet to include the knock-on effects of the war following its averageA separate report released on Tuesday by NielsenIQ showed shoppers were increasingly turning to supermarket own-label products at the expense of branded goods as consumers bid to limit their bills.
The PMI's measure of prices charged by services companies rose to its highest level since records began in 1996.
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