The pound euro (GBP/EUR) exchange rate is rising after recent losses.
The pound has soared as the market mood improved on Israel-Iran developments.
UK grocery inflation also rose to 4.7% in the 4 weeks to June, up from 4.1% in the previous month. This marked the highest level since February last year.
A rising employer tax burden and higher commodity prices are to blame, according to Tesco.
The EUR is falling against the pound but rising against the USD as investors weigh up Middle Eastern developments.
German IFO business climate improved by more than forecast, rising to 88.4, up from 87.5. Business sentiment is increasing as interest rates fall and following the government’s spending plans.