Service Sector Survery – February 2022 – CBI

SERVICES COST PRESSURES RISE IN THE QUARTER TO FEBRUARY

The three months to February showed a continued improvement in sentiment about the general business

situation amongst services firms, though at a slower pace across the sector. Business volumes growth slowed in consumer services last quarter whilst growth came to a standstill in business and professional services.
Cost pressures continued to build with the services sector as a whole witnessing record rates of growth and as a result profitability fell across both sub-sectors. Reflecting stronger cost growth, average selling prices climbed higher, growing at the quickest pace in survey history. Nevertheless, employment saw continued growth across the sector.

Fuel contributes to this data every quarter by way of a survey.