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Average prices charged for goods and services rose globally at the slowest rate in January since October 2020, show global PMI surveys by S&P Global, indicating a cooling of worldwide inflation.
Labour costs remained the most commonly reported cause in the month for driving prices higher globally.
Energy remained the strongest disinflationary price force.

Average prices charged for goods and services rose globally at the slowest rate in January this year since October 2020, show global purchasing managers’ index (PMI) surveys for the month, signaling a cooling of worldwide inflation from the 4.3 per cent annual rate seen in November last year.

The surveys also indicated some regional variations, with a marked cooling of inflation in the United States contrasting with stubbornly elevated inflation in the United Kingdom and euro zone, according to S&P Global Market Intelligence.

A fall in prices in China, meanwhile, pointed to increased deflation risks, Chris Williamson, chief business economist at the company wrote on its website.

Labour costs remained the most commonly reported cause in January for driving prices higher globally. Energy was, meanwhile, again the strongest disinflationary price force.

Supply delays in the Suez and Panama canals have driven up costs, creating the strongest upward force of manufacturing prices since December 2022, Williamson added.

Fibre2Fashion News Desk (DS)

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PMI surveys signal cooling of worldwide inflation: S&P GMI

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