This is CNBC's live blog covering European financial markets.

Diving deeper into the British Retail Consortium's inflation data, it appears that some U.K. retailers may be strategically lowering prices in a bid to get ahead of looming U.S. tariffs.

"Non-food prices remained in deflation, but this slowed in categories such as fashion and furniture as retailers began to unwind heavy promotional activity," BRC chief Helen Dickinson said in a statement on Tuesday. "Prices were falling faster for electricals as retailers tried to encourage spending before any potential knock-on impact from U.S. tariffs."

In the non-food category, prices contracted by 1.5% year on year in May, the BRC's data showed.

U.S. President Donald Trump recently threatened a 25% tariff on Apple in a bid to force the tech giant into moving production into the United States -- a move that some have cautioned would drastically raise prices of the company's products. Last month, the U.K. and the U.S. agreed on the framework for a trade deal -- but uncertainties remain around how the Trump administration's tariffs policies will affect wider supply chains.

-- Chloe Taylor

Food inflation in the U.K. rose by 2.8% year-on-year in May, according to the British Retail Consortium, marking the fourth consecutive month of price rises.

The figure was up from 2.6% year-on-year growth in April, and above the three-month average of 2.6%.

Helen Dickinson, Chief Executive of the BRC, said in a statement on Tuesday that fresh food prices were the main driver of the price rises, with wholesale beef prices increasing. She argued that increased costs being leveraged on businesses were having an inflationary impact.

"With retailers now absorbing the additional £5bn in costs from April's increased Employer National Insurance contributions and National Living Wage, it is no surprise that inflation is rearing its head once again," she said.

-- Chloe Taylor

European stock markets are expected to have a mostly negative open on Tuesday.