UK Inflation Hits 3.1% Amid Rising Fuel Costs

The UK's inflation rate has risen to 3.1% in the year to August, according to figures from the Office for National Statistics.

This increase is largely due to rising petrol and diesel prices, as well as higher air fares.

Economics editor Faisal Islam notes that while this acceleration of inflation was not a surprise, it is still a sign of further price pressures to come.

Chancellor John Healey attributes the global impact on inflation to the Middle East war and says the UK economy is 'proving resilient.'