Britain's dominant services sector grew at the fastest pace in eight months in February, boosted by stronger business confidence and an improved economic outlook, a survey published on Friday showed.
Tim Moore, economics director at S&P Global Market Intelligence, said there were clear signs that input price inflation had peaked, helped by lower gas prices and shipping rates. Cost pressures eased to the lowest since June 2021.
But the fall in overall cost pressures had yet to be fully passed onto clients as demand remained resilient. The Bank of England is closely monitoring wage-setting and how companies pass on their higher costs to customers as it attempts to return double-digit inflation to its 2% target.
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