London pre-open: Stocks to rise; UK inflation rises to 10.4%

(Sharecast News) - London stocks were set to rise at the open on Wednesday following positive US and Asian sessions, as investors mulled the latest UK inflation data. The FTSE 100 was called to open 11 points higher at 7,547.

Data out earlier from the Office for National Statistics showed that consumer price inflation in the year to February rose to 10.4% from 10.1% in January, coming in above expectations of 9.9%.

ONS chief economist Grant Fitzner said: "Inflation ticked up in February mainly driven by rising alcohol prices in pubs and restaurants following discounting in January.

"Food and non-alcoholic drink prices rose to their highest rate in over 45 years with particular increases for some salad and vegetable items as high energy costs and bad weather across parts of Europe led to shortages and rationing.

"These were partially offset by falls in the cost of motor fuel, where the annual inflation rate has eased for some seven months."

In corporate news, software, security and cloud services specialist Bytes Technology Group said annual gross profit and adjusted operating earnings would be up 20%.

Cash conversion for the year to February 28 returned to higher levels in the second half to end the full year at around 85%, with a cash balance of around £73m, the company said, reflecting strong demand for software and IT Services from both corporate and public sector clients, despite macroeconomic headwinds.

Elsewhere, WPP said it had bought influencer marketing agency Goat for an undisclosed sum.

Founded in 2015, Goat specialises in data-led end-to-end influencer marketing campaigns and has worked with Dell, Beiersdorf, Meta, Tesco, Uber, EA, Natura and Augustinus Bader, WPP said.