UK Inflation Hits Five-Month High as Fuel Prices and Airfares Soar

UK inflation has hit its highest level in five months, rising to 3.1% in August from 2.9% the previous month.

The main drivers of this increase are higher fuel prices and airfares, according to official figures released by the Office for National Statistics (ONS).

This uptick in inflation puts further pressure on the Bank of England to raise interest rates over the coming months. The central bank's 2% inflation target is now even farther out of reach.