India Services Activity Softens Amid Inflationary Pressures
- S&P Global India July services PMI at 55.5 vs 59.2 in June
- Demand curtailed by competitive pressures, elevated inflation
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Activity in India’s dominant services sector fell to the lowest level in four months as weaker sales growth and price pressures darkened the business outlook.
S&P Global India Purchasing Managers Index for services dropped to 55.5 in July from 59.2 in June, which was the best reading in 11 years. A number above 50 shows expansion, while a print below that shows contraction in activity.