UK Inflation Hits 3.1% Amid Soaring Gasoline and Diesel Prices

The UK's annual inflation rate jumped to 3.1% in August, driven by surging gasoline and diesel prices.

Rising motor fuel costs were the main contributor to the spike, increasing by 23% year-on-year, according to the Office for National Statistics (ONS).

The average price of gasoline rose by 9.1 pence ($0.12) per liter between July and August, reaching its highest level since November 2022.

Average diesel prices also increased in August, rising by 14.2 pence per liter.