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UK S&P Global/CIPS Flash PMIs (May 2024)

Today’s May flash PMI survey will have provided the Bank of England with some comfort after yesterday’s stronger-than-expected inflation data for April. Crucially, the further fall in the services output prices balance suggests that services inflation will continue to drop. The output and activity balances were also weaker than anticipated, suggesting that GDP growth will not repeat Q1’s bumper increase.

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