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%.

By mid afternoon, the pound was down 0.85% against the euro at €1.1148, although the euro was also boosted by strong German growth figures.

Against the dollar, the pound was down 0.1% at $1.3103.

The share index was up 7.11 points at 7,422.29. Tesco was the biggest riser on the index, up 7.5% after

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.”

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