UK Inflation Hits 3.1% Amid Rising Fuel Prices

Inflation in the UK has reached its highest level since March at 3.1% due to rising petrol prices.

The Office for National Statistics (ONS) reported that Consumer Prices Index inflation increased from 2.9% in July, with fuel prices being the largest driver of inflation.

Petrol prices jumped by 9.1 pence per litre in August to an average of 161.3 pence per litre, its highest level since 2022, while diesel prices rose by 14.2 pence per litre.

Economists predict that inflation will continue to rise, potentially reaching 4.5% in January as energy pressures increase.