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Steeper downturn in service sector activity weighs on UK economy
September data pointed to a reduction in UK private sector output for the second month running. Moreover, the rate of decline accelerated to its fastest since January 2021. The loss of momentum reflected a steeper drop in service sector activity than seen during August, which more than offset a slower decrease in manufacturing production. Input price inflation meanwhile saw its largest monthly fall so far in 2023, despite widespread reports citing pressure on costs from higher fuel bills. A combination of weak demand and lower cost inflation contributed to the slowest increase in average prices charged by private ... (full story)