India’s services sector activity moderated to a six-month low in January, amid imposition of restrictions across the country due to the fast spread of the Omicron variant as well as inflationary pressures.
Data released by the analytics firm IHS Markit showed the purchasing managers’ index (PMI) for services fell to 51.5 in January from 55.5 in December. A reading above 50 indicates expansion in economic activity and a number below that signals contraction.
The data analytics firm said January data pointed to a stronger increase in expenses among service providers, with the overall rate of inflation climbing to its highest since December