UK Inflation Hits 3.1% Amid Fuel Price Surge
UK inflation has risen to 3.1% in August as households face increasing fuel prices, air fares, and energy bills.
The Consumer Prices Index increased from 2.9% in July, in line with economists' expectations, according to the Office for National Statistics.
Fuel prices were among the biggest drivers of inflation, rising 23% compared with a year earlier. Petrol prices jumped 9.1p per litre during August to an average 161.3p, while diesel increased by 14.2p to 181.8p.
Air fares also rose 6.2% between July and August, while households were hit by a 13% increase in the Ofgem energy price cap following higher oil and gas prices caused by the Iran war.
The figures maintain pressure on the Bank of England ahead of its latest interest rate decision on Thursday and come as Chancellor John Healey prepares next month's Budget.