London's FTSE 100 edged up towards an all-time high on Wednesday, as investors awaited a domestic public spending review and crucial U.S. inflation data scheduled in the day. The benchmark FTSE 100 was up 0.

U.S. inflation picked up a bit last month as food costs rose, though overall inflation remained mostly tame. Consumer prices increased 2.4% in May compared with a year ago, according to a Labor Department report released Wednesday.

U.S. stocks are drifting after a report suggested President Donald Trump’s tariffs are not pushing inflation much higher, at least not yet.