US inflationary pressures up again in February: Report

Rate of inflation quickened to four-month high with sharpest rise in service sector output prices on record, IHS Markit says

By Ovunc Kutlu

ANKARA (AA) - Inflationary pressures in the US intensified in February, according to a report Thursday by the London-based global data provider IHS Markit.

"The rate of cost inflation accelerated amid higher material, transportation, fuel and labor bills," said the report.

“Inflationary pressures remained elevated across the private sector ... the rate of inflation quickened to a four-month high amid the sharpest rise in service sector output prices on record," it added.

IHS Markit said the US services Purchasing Managers Index (PMI) increased 5.3 points to 56.5 in February, up from 51.2 in January.

The market expectation for the index, which measures the activity level of purchasing managers in the services sector, was to come in at 56.7.

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

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