FTSE 100 Little Changed After Inflation Data
(RTTNews) - U.K. stocks were little changed on Wednesday after official data showed U.K. consumer price inflation reached a 41-year high in October, driven by household energy and food prices.
Investors also awaited the much-awaited budget announcement on Thursday.
U.K. consumer prices grew 11.1 percent on a yearly basis, following September's 10.1 percent increase, data showed. The rate was the highest since October 1981 and well exceeded economists' forecast of 10.7 percent.
Another report revealed that factory gate inflation eased to 14.8 percent in October from 16.3 percent a month ago, with the monthly fall in petroleum prices providing a large downward contribution. Economists had forecast prices to climb 14.6 percent.
The benchmark FTSE 100 was up 9 points, or 0.1 percent, at 7,378 after declining 0.2 percent on Tuesday.
Beazley lost nearly 4 percent after the insurer launched a share sale to raise around £385 million.
Carnival plunged 13 percent after the cruise operator said it has commenced a private offering of $1 billion aggregate principal amount of convertible senior notes due 2027 to be used as part of a refinancing plan.
Electricity infrastructure firm SSE declined 1.7 percent despite posting a higher half-year profit.
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