Manufacturing Sector growth stabilised in May in spite of inflation: S&P Global PMI

New Delhi, June 1 (KNN) In spite of inflation the growth of India’s manufacturing sector has stabilised in the month of May, as per the S&P Global India Manufacturing Purchasing Managers’ Index (PMI) which was recorded at 54.6 in May.

The PMI saw a minor change from 54.7 in April and new orders and production continued to rise at the pace registered in April.

Manufacturers continued to scale up production in May on sustained improvement in demand and looser COVID-19 restrictions; signalling a further increase in output prices.

“There was little movement in the rate of input price inflation during May, which remains historically high, but output charge inflation surged to its highest in over eight-and-a-half years as companies continued to transfer additional cost burdens to their clients," said Pollyanna De Lima, Economics Associate Director at S&P Global Market Intelligence.

Input costs continued to rise for a twenty-second consecutive month in May, with companies reporting higher prices for electronic components, energy, freight, foodstuff, metals, and textiles.  (KNN Bureau)