UK Inflation Hits Five-Month High Amid Petrol Price Surge
UK inflation rose to its highest level in five months, reaching 3.1% in August, driven by surging petrol and diesel prices.
The Consumer Prices Index increased from 2.9% in July, according to the Office for National Statistics (ONS).
Motor fuel prices were a major driver of inflation, rising 23% compared with August last year.
Petrol prices jumped by 9.1p a litre between July and August to an average of 161.3p, their highest level since November 2022.
Global oil prices have climbed amid disruption to supplies linked to the conflict in the Middle East, with Brent crude rising above $100 a barrel.
Airfares also increased during August, adding pressure on inflation rates.
The Bank of England's 2% target is now further out of reach, and interest rates are currently at 3.75%.