The British economy is faltering and price pressures are still high

A survey revealed that signs of a slowdown appeared in the British economy this month, and that inflation pressures remain high.

The survey was published a day after the Bank of England raised interest rates sharply and said it was ready to do more to curb inflation.

An initial reading on Friday showed that the Standard & Poor’s Global Composite Purchasing Managers’ Index, which covers businesses in the service and manufacturing sectors, fell to a three-month low of 52.8 in June, down from 54 in May, dragged down by new orders, the weakest growth. Since January, in light of the difficulties faced by factories factories of conditions.

The preliminary reading of the survey showed that the British services sector grew at the slowest pace in three months, and the manufacturing sector contracted at the most pace in six months.

The Bank of England on Thursday raised interest rates for the 13th consecutive time to 5%, a sharp increase from 0.1% at the end of 2021.

The Bank of England is expected to continue raising borrowing costs in a bid to tackle inflation, which hit 8.7 percent in May.