Europe shares inch; Tesco sinks after warning
* FTSEurofirst 300 up 0.3 pct, Euro STOXX 50 up 0.5 pct
* Tesco warning hits shares of food retailers
* Airlines down after volcano eruption in Iceland
By Blaise Robinson
PARIS, Aug 29 (Reuters) - European shares rose in early trade on Friday, recovering some of the ground lost in the previous session as investors awaited inflation figures that may shed light on the European Central Bank's next policy move.
Euro zone inflation, due at 0900 GMT, is seen falling to 0.3 percent in August following a surprise dip to 0.4 percent in July, according to a Reuters poll of analysts.
The data - which temporarily relegated events in Ukraine to the sidelines - will be a focal point at next week's ECB meeting, fuelling a debate about whether the central bank should accelerate existing policy measures to fight the risk of deflation.
"It's a bit tense ahead of the inflation figures. With the recent rally, the market may have gotten ahead of itself in pricing in fresh measures by the ECB," Saxo Bank trader Pierre Martin said.
"The recent drop in the euro currency should help support the euro zone economy, so Draghi might be tempted to wait a little bit." Continuación...