UK Inflation Accelerates to 3.1% in August Amid Energy Price Spike

UK inflation accelerated to 3.1% in August, up from 2.9% in July, according to official figures released on Wednesday.

The Bank of England is expected to keep interest rates on hold when it makes an announcement the following day.

Economists polled by Reuters had forecasted a similar rate increase due to rising energy prices caused by the conflict in the Gulf.

The BoE predicted in July that annual inflation would stand at 2.8% in August, showing that their forecast was slightly off.