The pace of contraction in the Northern Ireland economy picked up pace in September as a result of waning consumer confidence, rising prices and a broader economic malaise.
That is according the latest PMI report from Ulster Bank which painted the picture of an economy on the back foot even before the full negative impact of the Chancellor’s mini budget was felt.
All four sectors monitored by the survey fell during the month, with inflationary pressures cited as one of the largest challenges facing businesses. Input costs rose at levels not seen prior to May 2021, with services reporting the sharpest increase in their cost base as a result of soaring wage and energy costs.
