UK Inflation Hits 3.1% Amid Fuel Price Surge

The UK's inflation rate has risen to 3.1% in August, up from 2.9% in July, due to a surge in petrol prices and higher airfares.

According to the Office for National Statistics (ONS), motor fuels contributed significantly to the rise in inflation, with the average price of petrol increasing by 9.1 pence per litre between July and August, reaching an average of 161.3 pence per litre.

The jump in fuel costs is attributed to the breakdown of the US-Iran ceasefire in July, which led to a renewed surge in oil and gas prices.

In contrast, food and drink inflation remained steady at 1.3%, despite warnings that it could be pushed higher by rising energy costs.