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UK services firms raised prices at their fastest rate since May due to surging fuel costs and higher wages for staff. The S&P Global UK Services PMI index stood at 52.1 in September, indicating sector growth but a slight decrease from August's 52.5. Companies are using new technology like AI to avoid hiring more workers, leading to continued job cuts across the services industry despite two years of business activity increases.
Written locally by qwen2.5:14b on 2026-10-05,
using this article's own text rather than the other coverage of the
same event (that is the story summary below).
Story summary
In September, UK services firms raised prices at their fastest rate since May due to surging fuel costs tied to the Middle East conflict. The S&P Global UK services PMI index stood at 52.1, down slightly from August's 52.5 but still indicating sector growth as any reading above 50 signals expansion. Companies reported increased business costs due to higher fuel and staff wages, leading them to hike prices for customers sharply. This trend has persisted across various subsectors including hospitality, real estate, financial services, healthcare, and transport, which collectively form the dominant industry in the UK. Tim Moore from S&P Global Market Intelligence highlighted that while job cuts continue, they are slowing down due to firms' adoption of new technologies like AI to manage labor needs without replacing workers lost through attrition.
Written for “UK Price Hikes Due To Fuel Costs” on 2026-10-05,
grounded in this article and the 0 other(s) covering the same event.
Why this leaning score
This article does not take a side on a contested political
question, so it has no leaning score. That is an
answer rather than a gap: a match report or a rescue can be warmly
or critically written without being left or right, and scoring it
anyway is how approval of a subject gets recorded as a political
position.
No political leaning scored for article 57258 · logged 2026-10-05
UK services firms raise prices at fastest rate since May amid fuel surge
uncertain
firms → raise → surge
The S&P Global UK services PMI index showed a reading of 52.1 in September, down from 52.5 in August.
asserted
index → show → August
Any reading above 50.0 means the sector is growing while any reading below signals it is contracting.
asserted
it → mean → 50.0
The score came in higher than an earlier estimate of 51.7 and it marked the third month in a row that business activity has increased.
asserted
activity → come → row
Firms surveyed reported surging fuel prices and increased pay for staff as factors pushing up overall business costs last month.
asserted
Firms → survey → costs
Efforts to protect their margins led to companies raising the prices they charge customers at the fastest pace since May, the survey found.
uncertain
survey → protect → May
September’s survey also marked two years of continuous job cutting across the services industry, albeit at the slowest rate for nearly a year.
asserted
survey → mark → year
Companies using new technology including artificial intelligence (AI) reported it as a reason for not needing to replace workers when they leave.
asserted
they → use → workers
Services firms span subsectors including hospitality and leisure, real estate and financial services, healthcare and transport, and is the dominant industry in the UK.
Tim Moore, economics director for S&P Global Market Intelligence, said: “Surging fuel prices due to the Middle East conflict continued to drive up input cost inflation in September.
asserted
prices → span → September
Read More
“This led to the sharpest increase in prices charged by service sector companies since May and therefore signalled a clear reversal of the slowdown seen in the middle of 2026.”
uncertain
This → read → 2026
The average price of diesel has rocketed to an all-time high, hitting £2 a litre last week.
asserted
price → rocket → 2
The Bank of England committee has been watching closely for signs of second-round inflation effects which happen as a result of higher prices in the economy.
asserted
which → watch → economy
This includes businesses increasing their prices because they expect consumer behaviours to change or competitors to do the same.
asserted
competitors → include → same
Mr Pugh said the next six months “look more challenging”, adding: “Rising energy prices risk pushing inflation above 4% early next year, which will push up business operating costs, squeeze households’ real incomes and potentially force the Bank of England to hike interest rates later this year.”
asserted
which → say → rates
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