UK Inflation Hits 3.1% Amid Petrol Price Spike

UK inflation has accelerated to 3.1% in the year to August, driven by rises in petrol and diesel prices as well as airfares.

The Office for National Statistics (ONS) reported that motor fuel prices rose by 23% compared to August last year, with petrol reaching its highest level in nearly four years.

The conflict in the Middle East has continued to disrupt global oil supplies, pushing up costs for consumers. This increase in inflation is also further away from the Bank of England's 2% target.

The bank is meeting on Thursday to decide whether to change interest rates, which currently stand at 3.75%.