According to a poll released on Monday, India’s factory activity expanded at a slower pace in March as rising prices resulted in new orders and output growing at their slowest rate since September.

The survey adds to the growing body of evidence that Asia’s third-largest economy is faltering. Increases in oil prices, mostly due to concerns over the Russia-Ukraine conflict, have already had an impact on consumer spending, which accounts for the majority of GDP growth.

The Manufacturing Purchasing Managers’ Index, compiled by S&P Global, fell to 54.0 in March from 54.9 in February. It has, however, remained above the 50-point dividing expansion from contraction for nine months in a row.

“India’s manufacturing sector growth slowed at the end of fiscal year 2021/22, with companies reporting slower expansions in new orders and production,” according to Pollyanna De Lima, an S&P Global economics associate director.

“While the pace of increase in input costs remained below that witnessed before the end of 2021, the slowdown was accompanied by a strengthening of inflationary pressures.”