UK Inflation Surges to 3.1% Amid Fuel Price Hikes

The UK's inflation rate increased to 3.1% in August, according to official figures from the Office for National Statistics (ONS). The rise was driven by surging fuel prices, with the average price of petrol increasing by 9.1 pence per litre between July and August.

This marks a continuation of an upward trajectory for inflation, which struck a 15-month-low of 2.6% in June. Economists had predicted this level of inflation, and it remains to be seen whether the trend will continue.

The ONS chief economist, Grant Fitzner, attributed the rise in inflation to 'sharp price rises for petrol and diesel' that pushed inflation up again in August.