The UK service sector growth accelerated sharply in February as the Omicron wave of the COVID-19 pandemic subsided, final survey results from IHS Markit showed on Thursday.<\/p>\n
The Chartered Institute of Procurement & Supply final services Purchasing Managers’ Index rose sharply to 60.5 in February from 54.1 in January. <\/p>\n
The index signaled the fastest growth since last June but the score was below the flash 60.8.<\/p>\n
The rates of expansion in both business<\/span> activity and new orders accelerated sharply, supporting stronger job creation. <\/p>\n Inflationary pressures intensified in February. Input costs increased substantially in February, with the rate of inflation the second-fastest on record. At the same time, the rate of output price inflation hit a fresh record high for the second month. <\/p>\n Strong optimism in the ability of the sector to recover over the course of 2022 was maintained in February.<\/p>\n