MOSCOW, November 1. /TASS/. Russia’s Manufacturing Purchasing Managers’ Index (PMI) fell to 53.8 points in October 2023 from 54.5 points in the previous month, the S&P Global analytical agency said.
"Inflationary pressures remained substantial as input costs and selling prices rose markedly. Although cost inflation softened, it was still among the sharpest in three years," S&P said.
The PMI value above 50 points is indicative of the business activity growth and the value below the said level flags its slowdown.
"Greater new sales were largely driven by domestic demand, as new export orders rose only fractionally. Although firms continued to hire additional workers in line with increased production requirements, manufacturers recorded a renewed rise in backlogs of work as pressure on capacity built," experts said.
"Companies also reportedly struggled to replenish stocks, with input buying stepped up again," the agency added.