MOSCOW, Apr 1 (PRIME) -- Russia's Manufacturing Purchasing Managers' Index (PMI) fell to 51.1 in March from 51.5 in February, staying above the 50 no-change mark, which signals an overall expansion of activity in the sector, researcher IHS Markit said in a statement on Thursday.
"March PMI data signaled a loss of growth momentum across the Russian manufacturing sector. Price hikes and supply shortages constrained production, whilst softer client demand weighed on the increase in new orders," Economist Sian Jones said as quoted by Markit.
New order growth was marginal but the expansion continued for a third month in a row. New export orders continued to contract, although slower than in February.
"Strain on global supply chains pushed input costs up once again and at a marked pace. Although firms increased their selling prices at a slower rate, it was nonetheless among the fastest for six years in an effort to partially pass on soaring costs,” Jones said.
“Further historically elevated rates of inflation in March add to concern regarding building price pressures through 2021 to date by the Central Bank of Russia. We are currently forecasting three more interest rates hikes before the end of the year."
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