UK Inflation Hits 3.1% on Fuel Price Surge

UK inflation rose to 3.1% in August, as predicted by forecasts.

The increase was driven by a sharp rise in motor fuel costs, with petrol prices increasing by 9.1 pence per litre and diesel prices rising by 14.2 pence per litre.

Average petrol prices reached 161.3 pence per litre, the highest since November 2022, while diesel prices hit 181.8 pence per litre.

Transport prices rose 4.6% in the year to August, compared with a 3.6% increase in July.