Forex
UK Inflation Hits 3.1% as Fuel Prices Soar
UK inflation rose to 3.1% in August, up from 2.9% in July, due to increased prices of fuel and household staples such as pasta and margarine.
The Office for National Statistics (ONS) reported that the cost of filling up with petrol was 20.2% higher year on year, while diesel prices surged by 27.8%. This is largely attributed to renewed hostilities in the Middle East disrupting global oil supplies.
On the other hand, prices for children's clothes and electrical devices such as portable audio and visual devices fell significantly, helping to limit the overall rise in inflation.