Weak pound, energy stocks lift UK39;s FTSE 100 0.4
Irish stocks jump after upbeat CRH results
Feb euro zone inflation at 8.5 vs. est of 8.2
Europe39;s STOXX 600 up 0.5

March 2 Reuters European shares rose on Thursday boosted by consumer staples and energy stocks, but data suggesting euro zone inflation remained stubbornly high bolstered fears of more European Central Bank rate rises.

The continentwide STOXX 600 reversed early losses and closed 0.5 higher.

Energy stocks rose 1.4 supported by firm crude prices on signs of a strong economic rebound in top crude importer China.

A sharp weakness in sterling lifted UK39;s exporterheavy FTSE 100 index up 0.4.

London39;s internationally focussed consumer staples stocks such as Diageo and Unilever rose over 1 each, while the European food and beverage index added 1.8.

There39;s certainly the assumption that there is still mileage in the tank when it comes to price increases, that margins can be protected, the consumer is going to be resilient to a degree and these companies are still going be able to make money, said Danni Hewson, financial analyst at AJ Bell.

Meanwhile, consumer price inflation in the 20 countries sharing the euro currency rose 8.5 in February, compared with an increase of 8.6 a month earlier on lower energy prices, but the reading was still above 8.2 projected in a Reuters poll of economists.

While inflation was also lower than a doubledigit peak hit in October, fears lingered that the earlier…