UK Inflation Hits 3.1% as Fuel Prices Surge

UK inflation rose to 3.1% in August, up from 2.9% in July, according to official figures released by the Office for National Statistics (ONS). The increase was largely driven by surging fuel prices, with petrol prices rising by 9.1 pence per litre between July and August.

The average price of petrol saw a significant jump, contributing significantly to the rise in inflation. In addition to motor fuels, higher airfares for long-haul journeys also played a role in pushing up the Consumer Prices Index (CPI) rate.

ONS chief economist Grant Fitzner said that 'sharp price rises for petrol and diesel pushed inflation up again in August.' The latest figure is in line with predictions from economists, who had forecasted an upward trajectory for inflation following a 15-month-low of 2.6% in June.