OREANDA-NEWS  According to the results of January 2023, the business activity index (PMI) in the service sector in Russia amounted to 48.7 points — a mark below 50 points indicates a decline in economic activity. The index remains below this level for the fourth month in a row. This is evidenced by the research data of the international financial holding S&P Global.

However, compared with the results of December, the indicator increased by 2.8 percentage points. Business activity in the country is slowing down against the background of weak customer demand and a decrease in the purchasing power of Russians. At the same time, the players explain the softening of the fall in January by the return of customers in the conditions of "more aggressive marketing efforts" of companies.

At the same time, the costs of the Russian service sector grew at a record pace in January, and the rise in commodity prices reached a five-month high. S&P Global explains the higher costs by increasing utility bills, the cost of supplier services and payroll costs. At the same time, the aggregate index of production volumes, which includes business activity in the manufacturing and services sectors, increased from 48 in December to 49.7 points last month.