Japan's service sector activity grew in November at the slowest pace in three months, as relentless inflation dampened a part of the economy that was benefiting from the return of domestic and foreign shoppers and easing COVID-19 restrictions.
The final au Jibun Bank Japan Services purchasing managers' index fell to a seasonally adjusted 50.3 from October's 53.2, hitting the lowest since August.
Behind the soft headline figure were inflationary pressures that "remained marked with rates of input cost and selling price inflation remaining well-above their respective historical averages," said economist Laura Denman at S&P Global Market Intelligence, which compiles the survey. "Anecdotal evidence suggested that a boost in demand following a sustained COVID-19 recovery and the launching of the National Travel Discount Programme primarily drove the sector expansion," Denman added.
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