UK Inflation Hits 3.1% as Gasoline Prices Soar

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

The Office for National Statistics (ONS) reported that motor fuel costs rose 23% year-on-year, with the average price of gasoline increasing by 9.1 pence ($0.12) per liter between July and August.

The average price of diesel also rose significantly, increasing by 14.2 pence per liter in August.

This marks the first inflation reading above 3% since March, according to the ONS.