(RTTNews) - U.K. stocks climbed on Wednesday and the British pound weakened against other major currencies after data showed U.K. consumer price inflation reached its lowest level in more than two years in November, increased bets for interest-rate cut next year by the Bank of England (BoE).
The consumer price index showed an annual increase of 3.9 percent, slower than the 4.6 percent rise in October. This was the weakest inflation since September 2021 and also below economists' forecast of 4.4 percent.
Another report revealed that input prices decreased 2.6 percent annually, the same pace of decline as seen in October.
Factory gate prices dropped 0.2 percent following a revised fall of 0.3 percent in October.
The benchmark FTSE 100 was up 58 points, or 0.8 percent, at 7,696 after gaining 0.3 percent on Tuesday.
Energy stocks traded higher, with BP Plc and Shell both rising around 1.4 percent.
Petrofac, a provider of services to the energy industry, soared 42 percent after winning a $1.4 billion contract under its multi-year deal with TenneT.
Indivior rallied 2.4 percent after settling a patent dispute with Actavis Laboratories.
