UK Inflation Edges Up to 3.1% Amid Petrol Price Surge

The UK's Consumer Prices Index (CPI) inflation rate rose to 3.1% in August, marking an increase from July's 2.9%, according to the Office for National Statistics (ONS). This uptick was largely driven by a significant jump in petrol prices, which saw an average rise of 9.1 pence per liter between July and August.

Grant Fitzner, ONS chief economist, attributed the increase in inflation to 'sharp price rises for petrol and diesel' as well as higher airfares, particularly for long-haul journeys.

The August inflation rate is in line with economists' predictions and suggests an upward trajectory since hitting a 15-month-low of 2.6% in June.