UK economy falters on cost-of-living crisis

LONDON, June 23 (AFP): UK private-sector growth has slowed to a three-month low as soaring interest rates and stubbornly high inflation fuelled by rising food prices worsens a cost-of-living crisis, data showed Friday.

It comes as the UK government announced help for homeowners after seeing mortgage costs surge in the wake of rising interest rates.

Figures on Friday highlighted Britain's economic struggles, heaping more pressure on Prime Minister Rishi Sunak.

The closely-followed S&P Global/CIPS flash UK purchasing managers' index declined to 52.8 in June from 54 in May. A reading above 50 indicates growth.

"June's flash PMI survey indicates that the UK economy has lost momentum again after a brief growth spurt in the spring and looks set to weaken further in the months ahead," Chris Williamson, chief business economist at S&P Global Market Intelligence, said in a statement.