UK Inflation Hits 3.1% as Petrol Prices Soar

Inflation in the UK rose to 3.1% in August, according to figures from the Office for National Statistics (ONS). This increase was driven by a jump in petrol prices, with the average price of petrol rising by 9.1 pence per litre between July and August.

The Consumer Prices Index (CPI) inflation rate has been steadily increasing since June, when it reached a 15-month low of 2.6%. In contrast, economists had predicted an increase to 3.1%, so the actual figure was in line with expectations.

Grant Fitzner, ONS chief economist, pointed out that sharp price rises for petrol and diesel contributed significantly to the rise in inflation. He also noted that higher airfares, particularly for long-haul journeys, played a role in the increase.