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Oct 1 (Reuters) -The UK's benchmark FTSE 100 was little changed on Tuesday, as losses in luxury stocks offset gains in precious metal miners, while investors looked forward to crucial European inflation figures later in the day.

Both the blue-chip FTSE 100 .FTSE and the midcap FTSE 250 index .FTMC were flat by 07:15 GMT.

The precious metal miners .FTNMX551030 index moved 0.5% higher as gold prices ticked upwards. GOL/

On the contrary, the personal goods .FTNMX402040 index slipped 1.6%, weighed by a 2% loss in Burberry BRBY.L after brokerages reduced their price target on the luxury retailer.

Watches of Switzerland Group WOSG.L moved 1% lower.

Meanwhile, prices in British shops fell at the fastest pace in more than three years in September, adding to signs that the inflation squeeze on consumers has faded.

European inflation figures are due later in the day and the risk is to the downside, which will reinforce bets that the European Central Bank will cut interest rates later in the month.

Shares in Mulberry MUL.L slipped 3.2% after the luxury brand rejected sportswear retailer Frasers' FRAS.L $111 million takeover proposal, saying the bid did not have the support of majority shareholder Challice.

Greggs GRG.L kept its full-year outlook, though it said underlying sales growth slowed in the latest quarter with consumers continuing to face uncertainty. Shares of the baker and fast food chain were down 4.6%.

Reporting by Khushi Singh in Bengaluru; Editing by Mrigank Dhaniwala

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