Russia's services activity continued its solid expansion trend in August, though the rate of growth eased as expected by economists, survey figures from Markit Economics showed Monday.
The seasonally adjusted Purchasing Managers' Index, or PMI, dropped to 53.5 in August from 55.0 in July. The reading also matched consensus estimate.
However, any reading above 50 indicates expansion in the sector.
New business rose again in August, but the rate of growth eased since July's 42-month high. Consequently, firms raised their staffing numbers for the second straight month.
On the price front, input price inflation accelerated to an eight-month high, led by rises in fuel and utility prices. As a result, service providers lifted their selling prices further in August.
The composite PMI, which combines both manufacturing and services activities, fell to 52.9 in August from 53.5 in the prior month.
"Yet, if Russia's private sector can maintain this level of output growth into September, then it will experience one of its strongest quarters for at least two and a half years," Samuel Agass, Economist at Markit, said.
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