U.K. stocks advanced on Tuesday as new data showed British shop price inflation fell sharply in January to reach its lowest rate in almost two years amid heavy discounting from retailers around the Christmas period.
The British Retail Consortium said the annual shop price inflation slowed to 2.9 percent in January, down from 4.3 percent the month prior. It marks the seventh consecutive monthly decline and the lowest rate since May 2022.
The benchmark FTSE 100 was up 40 points, or half a percent, at 7,673 after ending flat with a negative bias in the previous session.
Diageo shares tumbled 3.6 percent. First-half profits at the spirits manufacturer fell by more than a tenth as demand for expensive spirts waned in the Latin American and Caribbean (LAC) regions.
Advertising agency WPP jumped 4 percent after upgrading its medium-term financial targets.
Infrastructure products group Hill & Smith added about 1 percent after appointing a new chief operating officer.
FTSE 100 Rises As Shop Price Inflation Drops Sharply
2024-01-30 09:22:29
