LONDON, March 23 — UK’s FTSE 100 gained today after hot inflation numbers put focus on finance minister Rishi Sunak’s budget update later in the day, with investors looking for signs of support to ease the worst cost-of-living squeeze in decades.
Oil majors BP and Shell provided the biggest boost to the FTSE, up over 3 per cent, as crude prices rose on increasing concerns of global supply tightness from sanctions imposed on Russia. “While inflation came in ahead of expectations, markets have recognised that inflation is on the up at least for the next few months,” said Dan Boardman-Weston, chief investment officer at BRI Wealth Management.
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