FTSE 100 Climbs As Inflation Slows Unexpectedly
(RTTNews) - U.K. stocks rose notably on Wednesday and the British pound weakened against other major currencies after data showed the U.K. consumer price inflation slowed unexpectedly in August.
U.K. consumer price index posted an annual increase of 6.7 percent in August after rising 6.8 percent in July, according to the Office for National Statistics. This was the weakest inflation since February 2022.
Separate data showed that the annual fall in output prices slowed to 0.4 percent from revised 0.7 percent in July.
Similarly, input prices declined at a slower pace of 2.3 percent after falling 3.2 percent in the prior month.
The benchmark FTSE 100 was up 52 points, or 0.7 percent, at 7,712 after ending marginally higher on Tuesday.
Pearson tumbled 4 percent after the education group appointed Microsoft executive Omar Abbosh as its new CEO, effective early 2024.
Just Eat Takeaway soared 7.5 percent after its U.S. unit Grubhub was allowed to sue New York City over a law capping how much it can charge restaurants for delivering meals.
Housebuilder Barratt Developments rallied 3.9 percent, Persimmon jumped over 4 percent and Taylor Wimpey surged 4.6 percent after data showed British house prices increased by 0.6 percent in the 12 months to July.
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