India's services PMI at 4-month low of 55.5 in July amid high inflation

The domestic market remained the key source of sales growth as international demand for Indian services worsened further, the survey said

India’s services sector momentum hit a four-month low as the seasonally adjusted S&P Global India Services PMI Business Activity Index fell from 59.2 in June to 55.5 in July, due to curtailment of demand by competitive pressures, elevated inflation and unfavourable weather, data released on Wednesday said.

The print in June was the highest in 11 years. PMI Services captures sentiment in the services sector.

For the 12th straight month, the services sector witnessed an expansion in output. In Purchasing Managers’ Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction. “The recovery of