ISTANBUL 

Selling prices in the US increased in October at their slowest rate since May 2020, indicating a further slowdown in inflation, according to a report on Thursday.

The US Manufacturing Purchasing Managers’ Index (PMI), which measures the activity level of purchasing managers in the manufacturing sector, rose just 0.5 points to 47.8 in October from 47.3 in September, according to initial figures by global data provider S&P Global.

"October’s flash US PMI survey signalled a further solid rise in business activity to mark a robust start to the fourth quarter," said the report. "Growth was driven solely by the service sector, however, as manufacturing output contracted for a third month running."

The report said economic growth remained uneven in October -- a strong service sector growth against falling manufacturing output.

"The October survey also recorded slower rates of inflation for input costs and prices charged, the latter falling especially sharply to the lowest since May 2020 linked to a particular marked cooling of service sector inflation," it said.