June 23, 2024

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FTSE 100 Rallies As Inflation Slows Sharply

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U.K. stocks rallied on Wednesday after official data showed U.K. consumer price inflation eased sharply to a two-year low in October.

Consumer prices grew 4.6 percent year-on-year in October, slower than the 6.7 percent rise in the previous month, the Office for National Statistics (ONS) reported.

Inflation was also weaker than the expected 4.8 percent. The rate was the lowest since October 2021.

Separate data from the ONS showed a decline in output and input prices.

The benchmark FTSE 100 was up 72 points, or 1 percent, at 7,513 after closing 0.2 percent higher on Tuesday.

Higher metal prices boosted miners, with Anglo American, Antofagasta and Glencore gaining 2-3 percent.

Experian soared 5.5 percent after the credit data firm reported an increase in half-yearly profit.

Tullow Oil jumped 3.5 percent after raising its 2023 cashflow outlook.

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2023-11-15 04:20:45

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