FX.co ★ FTSE 100 Slips After Inflation Data

UK stocks saw a decline on Wednesday following news that the country's inflation rate remained steady at the official target for June, reducing the likelihood of an interest rate cut in August.

According to data from the Office for National Statistics, the consumer price index increased by 2.0 percent year-over-year, matching the growth rate observed in May. This figure was slightly above the anticipated decrease to 1.9 percent.

The probability of an August rate cut diminished further as services inflation stabilized at 5.7 percent.

The benchmark FTSE 100 index dropped by 18 points, or 0.2 percent, to 8,147, continuing a 0.2 percent decline from the previous day.

In corporate developments, mining conglomerate BHP gained 0.6 percent after achieving a second consecutive year of record iron ore production.

Conversely, Antofagasta shares tumbled 4 percent following a warning from the Chilean mining company that its annual production would be at the lower end of its projected range.

HSBC Holdings experienced a slight dip as the financial institution announced the appointment of Georges Elhedery as its new group chief executive.

Reckitt Benckiser shares showed volatility after the consumer goods company reported that a tornado had damaged a warehouse in Mount Vernon, Indiana, impacting sales.

Smiths Group dropped more than 1 percent following the engineering firm's sale of 1.2 million shares in ICU Medical.