UK Inflation Hits 3.1% Amid Fuel Price Surge

UK inflation increased to 3.1% in August, driven by surging fuel prices and higher airfares.

The Office for National Statistics (ONS) reported that Consumer Prices Index (CPI) inflation rose from 2.9% in July to 3.1%, aligning with economists' predictions.

Motor fuels contributed significantly to the rise, with the average price of petrol increasing by 9.1 pence per litre between July and August, according to ONS chief economist Grant Fitzner.