FTSE 100 Climbs As Inflation Holds Steady; Miners Slump
(RTTNews) - U.K. stocks traded higher on Wednesday as investors assessed the latest U.S. and U.K. inflation readings.
While U.S. CPI data disappointed market watchers, domestic data showed U.K. consumer price inflation remained unchanged in January.
The consumer price index advanced 4.0 percent on a yearly basis, the same rate as seen in December, according to data from the Office for National Statistics. The rate was forecast to rise to 4.1 percent.
Month-on-month, the CPI fell 0.6 percent, in contrast to the 0.4 percent increase in the previous month. Economists had forecast a 0.3 percent drop.
Input prices posted an annual fall of 3.3 percent annually in January, while output prices slid 0.6 percent annually, separate data revealed.
The benchmark FTSE 100 was up 38 points, or half a percent, at 7,550 after falling around 0.8 percent on Tuesday.
Miners slipped, with Anglo American falling 3.6 percent and Glencore losing 1.1 percent.
Bottler Coca-Cola jumped 5 percent after posting record annual profit and lifting dividend.
Dunelm Group fell 1.4 percent. The home furnishings retailer flagged slower pace of margin growth after delivering strong performance in its interim results for the 26 weeks to 30 December.
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