New Delhi, Jan. 6 -- Business activity in India's services sector lost momentum in December. Data released by IHS Markit showed the Purchasing Managers' Index (PMI) for the services sector dropped to 52.3 in December from 53.7 in November. A figure above 50 indicates expansion, while below this threshold indicates contraction.

According to the survey report, input costs increased to the greatest extent since February. Survey participants reported higher prices for a number of items, including cleaning products and fuel, said the report. For manufacturers, the PMI sub-index tracking input cost hit a 26-month high in December.

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