Services PMI Shows Another Record Inflation High

From the March Spain Services PMI release, reflecting a modestly below-consensus reading (53.4 vs 54.3 survey ,56.6 prior):

• [On new orders] "Supporting the rise in activity was another gain in new work...but similarly, the rate of growth was noticeably lower than the previous month."
• [On supply constraints] "firms still faced some capacity pressures... in part driven by ongoing challenges in the supply-chain, but the net result was a second successive monthly rise in work outstanding"
• [On employment] "the rate of growth was marked and the steepest seen since last November"
• [On a record-high inflation reading] "not only a twenty-second consecutive monthly increase in operating costs, but the strongest ever recorded rise (the survey began in August 1999). Firms saw little choice but to increase their own charges in response to these elevated cost pressures...to a survey record high"