FTSE 100 slips on inflation worries, Burberry up after results

UK's top share index slipped on Wednesday, as concerns grew about the economic toll from surging prices after data showed inflation hit 9% last month, while luxury group Burberry gained after meeting earnings estimates.

UK's top share index slipped on Wednesday, as concerns grew about the economic toll from surging prices after data showed inflation hit 9% last month, while luxury group Burberry gained after meeting earnings estimates. The blue-chip FTSE 100 index slipped 0.1% by 0705 GMT, while the mid-cap FTSE 250 index added 0.4%.

British inflation leapt last month to its highest annual rate since 1982, piling pressure on finance minister Rishi Sunak to step up help for households facing a worsening cost-of-living crisis. Sterling slipped after a recent run-up against the dollar.

Among individual stocks, Burberry rose 2.3% after it met expectations for sales and operating profit for 2022, and said its outlook depended on how quickly China — its biggest market — recovered from a COVID-19 lockdown. Premier Foods, the maker of Mr. Kipling cakes and OXO cubes, added 3.4% as it said it will raise the prices of its products as part of plans to tackle rising input cost inflation.

Credit data firm Experian fell 4% even as it posted a 34% jump in full-year profit.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)