UK Inflation Hits 3.1% as Fuel Prices Soar

The UK's inflation rate rose to 3.1% in August, up from 2.9% in July, according to data from the Office for National Statistics (ONS). Household staples like pasta, margarine, and tea contributed to the increase, as did higher fuel prices.

Petrol costs jumped by 20.2% year on year, while diesel prices rose by 27.8%, compared to smaller increases in July of 13.7% and 18.5%, respectively.

However, some categories saw a decrease in inflation, including children's clothes, portable audio and visual devices like smartphones, and chocolate.

The average cost of air fares remained lower than 12 months ago but rose by a smaller margin, down 8% year on year in August compared to a drop of 11.6% in July.