July PMI services growth slips to 4-month low on rising inflation

The PMI decreased to 55.5 in July 2022 from 59.2 in June

The S&P Global India Services PMI decreased to 55.5 in July 2022 from 59.2 in June, and below market consensus of 58.5, pointing to the weakest expansion in the sector since March, as weaker sales growth and inflationary pressures restricted the latest upturn in business activity.

But the index has been above the 50-mark that separates growth from contraction for a year and July's reading was higher than the long-term average.

Moreover, despite sliding from an over 11-year high set in June, the relatively strong reading was underpinned by firm domestic demand.

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