US firms raise prices at slowest rate since May 2020: Report

By Ovunc Kutlu

ISTANBUL (AA) - US firms in January raised their selling prices at the slowest pace since May 2020, according to a report released Wednesday.

"Businesses in the US signaled a stronger upturn in activity at the start of the year, as output growth quickened to the sharpest rate in seven months," S&P Global said in its report.

"New business expanded for the third successive month at US companies in January, with the rate of growth quickening to the sharpest since June 2023," it added.

The US Manufacturing Purchasing Managers Index (PMI), which measures the activity level of purchasing managers in the manufacturing sector, rose 2.4 points to reach 50.3 in January -- the highest reading in 15 months.

The figure stood at 47.9 in December last year.

A reading above 50 indicates expansion, and below 50 shows contraction.