At 0855 GMT, the FTSE 100 was flat at 7,295.99.
Oanda market analyst Craig Erlam said: "With neither the Fed nor the labour market fully delivering - and one could argue they never were likely to - today's inflation report becomes ever more important. Another hot reading could be the latest in a growing list of setbacks for investors, who have been all too keen to buy at discounted levels in the hope the data rewards them. So far it hasn't.
"That will turn at some point of course and this could be that moment. The million-dollar question is how fast will it fall. As this will ultimately determine the Fed's response. The best thing about a slower pace of tightening is that it allows time for the data to justify smaller rate hikes and an eventual end to the tightening process. Without it, the Fed will be in a very uncomfortable position of blindly weighing up inflation, recession and overtightening risks."
The US consumer price index for October is due at 1330 GMT.
In equity markets, B&M European Value Retail slid as the discount retailer reiterated its earnings guidance for the year and posted a rise in interim revenues but a drop in profit.
Auto Trader was also weaker as it reported a slight fall in half-year profits after booking a rise in costs associated with its takeover of car leasing website Autorama, but posted a 16% rise in revenues.
QinetiQ fell even as defence technology specialist lifted its full-year guidance after a spike in first-half revenues and profits.
On the upside, Centrica (LON:CNA) surged as the British Gas owner announced a share buyback programme and lifted guidance for full-year earnings.
ConvaTec was also higher after the medical products firm upgraded its full-year guidance, while Haleon and AstraZeneca (NASDAQ:AZN) also gained after updates.
WH Smith (LON:SMWH) rallied after the book and stationery retailer said it swung to an annual profit as a rebound in air and rail travel boosted revenues, with that momentum continuing into the new fiscal year.
Building materials distributor and DIY retailer Grafton rose after it announced another share buyback programme as it backed its expectations for full-year operating profit and posted a jump in revenue.
Aston Martin was boosted by an initiation at ‘overweight’ at Barclays (LON:BARC).
Market Movers
FTSE 100 (UKX) 7,295.99 0.00%
FTSE 250 (MCX) 18,570.46 -0.42%
techMARK (TASX) 4,314.45 -0.17%
FTSE 100 - Risers
Centrica (CNA) 83.88p 8.12%
Convatec Group (CTEC) 224.00p 5.76%
Compass Group (LON:CPG) 1,885.00p 1.34%
AstraZeneca (AZN) 10,976.00p 1.20%
National Grid (LON:NG.) 997.00p 1.05%
Haleon (HLN) 289.15p 1.01%
Reckitt Benckiser Group (RKT) 5,738.00p 0.99%
Aviva (LON:AV.) 430.30p 0.94%
SSE (LON:SSE) 1,626.50p 0.77%
BAE Systems (LON:BAES) (BA.) 805.80p 0.65%
FTSE 100 - Fallers
B&M European Value Retail S.A. (DI) (BME) 350.30p -6.36%
Auto Trader Group (AUTO) 535.40p -3.36%
Endeavour Mining (EDV) 1,599.00p -3.27%
Sainsbury (J) (SBRY) 211.60p -3.11%
Airtel Africa (AAF) 115.90p -3.01%
Rightmove (RMV) 508.40p -2.31%
Melrose Industries (LON:MRON) (MRO) 119.25p -1.93%
Dechra Pharmaceuticals (LON:DPH) 2,612.00p -1.88%
Halma (LON:HLMA) 2,173.00p -1.81%
Whitbread (LON:WTB) 2,490.00p -1.78%
FTSE 250 - Risers
Grafton Group Ut (CDI) (GFTU) 753.00p 3.59%
Drax Group (LON:DRX) 552.50p 2.79%
Bank of Georgia Group (BGEO) 2,480.00p 2.69%
IntegraFin Holding (IHP) 277.80p 2.43%
Tate & Lyle (TATE) 730.60p 2.32%
Serco Group (LON:SRP) 165.90p 2.28%
WH Smith (SMWH) 1,312.50p 1.98%
TBC Bank Group (TBCG) 2,205.00p 1.85%
Aston Martin Lagonda Global Holdings (AML) 145.25p 1.57%
Fidelity China Special Situations (LON:FCSS) 199.00p 1.53%
FTSE 250 - Fallers
Vietnam Enterprise Investments (DI) (VEIL) 520.00p -4.24%
FirstGroup (FGP (LON:FGP)) 92.50p -3.95%
Dunelm Group (LON:DNLM) 902.50p -3.94%
Softcat (SCT) 1,179.00p -3.83%
Marks & Spencer Group (MKS) 109.00p -3.63%
ASOS (LON:ASOS) (ASC) 646.00p -3.22%
Allianz (ETR:ALVG) Technology Trust (ATT) 211.00p -3.21%
Target (NYSE:TGT) Healthcare Reit Ltd (THRL (LON:THRL)) 84.20p -2.88%
Darktrace (LON:DARK) 353.00p -2.41%
Baltic Classifieds Group (BCG) 147.00p -2.39%