Pound slips on inflation figures

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Sterling edged lower after UK inflation remained unchanged on October, confounding expectations of a rise.

CPI inflation held steady at 3% last month, the Office for National Statistics said, whereas analysts had expected it to rise to 3.1%.

Shortly after midday, the pound was down 0.1% against the dollar at $1.3104, and 0.6% lower against the euro at €1.1175.

The FTSE 100 share index was up 4.82 points at 7,420.

Tesco was the biggest riser on the index, up 5.8% after the competition regulator provisionally cleared its £3.7bn bid for Booker.

Vodafone was another strong performer, up 4.8%, after it raised its profit growth forecast.

The mobile giant said it now expected its full-year earnings to grow by about 10%, compared with a previous target of between 4% and 8%.

Its forecast came as the company reported a 13% in half-year underlying earnings to €7.4bn (£6.6bn), which beat analysts’ forecasts.

Group chief executive Vittorio Colao said: “Revenue grew organically in the majority of our markets driven by mobile data and our continued success as Europe’s fastest growing broadband provider.”

Pound slips on inflation figures

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