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Services industry raises prices: PSI

Michael Mehr
Consumers faced higher prices in November, a survey of businesses in the services industry says

Consumers faced higher costs during November as the services industry increased prices for the first time in a year, a survey of Australian companies suggests.

"Services businesses reported a slower improvement in performance in November with sales and employment growth easing during the month," Ai Group chief executive Innes Willox said after the release of the Australian Performance of Services Index on Wednesday.

The overall PSI measure fell 1.5 points in November to 53.7, remaining above the 50-point mark separating expansion and contraction in activity.

"The selling prices index picked up and reported positive results for the first time in 2019 after contracting since December 2018," the AiG's summary of the monthly PSI report said.

The PSI, compiled from responses of about 200 companies, indicated that selling prices had previously been in contraction or flat for the past 15 months.