UK Inflation Hits Five-Month High as Petrol and Diesel Prices Soar

Inflation in the UK has reached a five-month high of 3.1 per cent in August, driven by rising petrol and diesel prices.

The average price of petrol rose by 9.1 pence per litre to an average of 161.3 pence per litre, while diesel increased by 14.2 pence per litre to an average of 181.8 pence per litre for the month.

Regional data from Fuel Map UK reveals that the Isle of Wight has the highest average cost of unleaded at 176.6p per litre, followed by Surrey and Berkshire.

The Bank of England's Monetary Policy Committee may soon raise interest rates again due to the jump in inflation, which takes it further away from its 2 per cent target.