UK Inflation Surges Past Bank of England Projections
UK inflation rose to 3.1% in August, exceeding December's high and challenging Bank of England rate-cut bets.
Energy prices were the largest contributor, with pump prices increasing 7% month-on-month and heating oil rising 13% m/m.
Services inflation also accelerated, with private rents up 0.49% m/m and health services gaining 0.4% m/m.
The Bank of England's projections were overstated in several areas, including headline CPI and services CPI.