UK Inflation Hits 3.1% Amid Energy Price Surge
The UK's inflation rate accelerated to 3.1% in August, up from 2.9% in July, according to official figures released on Wednesday.
Economists polled by Reuters had predicted this increase due to rising energy prices caused by the resumption of conflict in the Gulf.
The Bank of England is expected to announce that it will keep interest rates on hold on Thursday, despite the inflation rise.