FX.co ★ Russia Services PMI Hits 11-Month High

In December 2025, the S&P Global Russia Services PMI saw a slight increase to 52.3 from 52.2 in the previous month, indicating growth for the third month in a row. This figure represented the sector's best performance since January, driven by faster growth in both output and new orders, reflecting improved demand conditions. However, despite an uptick in new sales, service providers reduced their staffing levels, marking the most pronounced job cuts in nearly three years. On the pricing front, input cost inflation dropped to its lowest since May 2009, primarily due to decreased wage pressures following staff reductions and a slowdown in the rise of material costs. At the same time, firms continued to pass on increased costs to customers, resulting in solid rises in output charges. Nonetheless, output inflation moderated to a six-month low, below the trend observed in the series. Looking forward, business morale weakened, reaching its second-lowest point since January 2023.