London pre-open: Stocks seen down as investors mull inflation data

The FTSE 100 was called to open 20 points lower at 7,307.

Data released earlier by the Office for National Statistics showed that consumer price inflation pushed up to 4.2% in October from 3.1% the month before, hitting its highest level in a decade as energy and fuel costs rose and coming in above expectations of 3.9%.

ONS chief economist Grant Fitzner said: "This was driven by increased household energy bills due to the price cap hike, a rise in the cost of second-hand cars and fuel as well as higher prices in restaurants and hotels.

"Costs of goods produced by factories and the price of raw materials have also risen substantially, and are now at their highest rates for at least 10 years."

In corporate news, energy company SSE reported a rise in interim profit as its gas storage operation helped to offset a fall in renewables earnings.

Adjusted pre-tax profits increased 30% to £174.2m. SSE said it had made a strong start to the second half of the year, with renewables volumes above plan in October, and thermal and hydro plant in particular achieving strong prices in the market.

Subject to normal weather, plant availability and similar levels of commodity prices over the coming winter months, SSE said it expected to report full year adjusted earnings per share at a level which is at least in line with consensus of analysts' forecasts of 83p.

British Land swung to a positive total return in the first half as earnings increased and provisions fell.

Total accounting return for the six months to the end of September was 6.1% compared with -10.3% a year earlier.

Post-tax profit under the IFRS accounting standard was £370m compared with a £730m loss a year earlier. Underlying profit rose 12.1% to £120m.