UK Inflation Hits 3.1% Amid Rising Oil Prices

Oil prices have contributed to a rise in Consumer Price Index (CPI) inflation in the UK, reaching 3.1% in August, according to the latest data from the ONS.

The increase is attributed in part to a significant jump in petrol and diesel prices, with a 20.2% rise in petrol prices and a 27.8% rise in diesel prices.

Dr Simon Cran-McGreehin, Head of Analysis at the Energy and Climate Intelligence Unit (ECIU), attributes these price hikes to the ongoing conflict between Trump's war with Iran.

The situation is expected to worsen, with oil prices surpassing $100 a barrel for the past week.

Cran-McGreehin warns that the growing gas crisis will push up household energy bills by a quarter in January, exacerbating the inflation issue.