UK service sector firms hiked prices at a record pace last month as they battled against surging cost pressures and a slump in new orders due to supply and staff shortages, new figures have shown. The closely watched IHS Markit/CIPS UK Services Purchasing Managers’ Index (PMI) survey revealed that new order growth weakened for the fourth month in a row, with new business rising at the slowest pace for six months. Overall service sector output was better than expected, with the report showing a reading of 55.4 in September, which is up from the six-month low of 55 recorded in August. Economists had been expecting a reading of 54.6. The report laid bare the pressures facing the sector, with the data showing firms resorting to passing on costs to customers, with the steepest rise in prices for services since the survey records began. Supply chain difficulties and staff shortages also …