FX.co ★ Russia Services PMI Rises to 4-Month High

In May 2025, the S&P Global Russia Services PMI climbed to 52.2, up from 50.1 in April, indicating the most robust expansion in the services sector since January. This growth was fueled by an uptick in both output and new orders, reflecting stronger demand conditions. Despite this, employment saw its sharpest decline since January 2023, while the backlog of work remained relatively stable. Regarding pricing, input costs rose due to increased supplier, transportation, and material expenses. Nevertheless, overall input inflation eased to its lowest level since July 2020, remaining below the series average, aided in part by favorable exchange rates which helped to alleviate cost pressures. Conversely, output price inflation reached a four-month peak, spurred by heightened demand and the transfer of rising costs to consumers. Lastly, business sentiment dipped to its lowest point in nearly two years, owing to worries about the uncertainty of global sales.