UK Inflation Surges Amid Rising Energy Costs

UK inflation accelerated to 3.1% in August from 2.9% in July, official figures showed on Wednesday.

This rate increase is attributed to a renewed climb in energy prices caused by the resumption of conflict in the Gulf.

Economists polled by Reuters had mostly expected this consumer price inflation speedup due to rising energy costs.

The Bank of England (BoE) predicted in July that annual inflation would stand at 2.8% in August, but has not yet made an official announcement on interest rates today.