Markets Update: UK and European shares rise as British inflation falls

The FTSE 100 Index advances 1.8% to its highest level in a month

There was good news from London on Wednesday as the UK Consumer Prices Index was 7.9% higher than a year ago in June.

This was a sharp drop from the 8.7% reading in May, the Office for National Statistics said Wednesday as economists had expected a decline to 8.2%.

The FTSE 100 Index advanced 1.8% to its highest level in a month. The inflation data revived speculation about how many more rate hikes the Bank ...