A measure of U.S. service sector activity surged to a record high in July while an index reflecting prices paid by service industry businesses accelerated sharply, marking another milestone on the path to economic recovery but reinforcing concerns about inflation. The Institute for Supply Management (ISM) said on Wednesday its non-manufacturing activity index climbed from 60.1 in June to 64.1 last month—the highest reading in the history of the series. Readings above 50 on any of the ISM’s business activity gauges represent growth in a given area, with the results based on data compiled from a survey of service sector executives. “Business continues to gain speed as the economy recovers and assuming there won’t be additional government-mandated lockdowns,” an executive from the Real Estate, Rental & Leasing sector told ISM. While concern about the spread of the Delta variant of the CCP (Chinese Communist Party) virus has prompted a reversal …