UK Inflation Surges to 3.1% Amid Soaring Petrol Prices

The UK inflation rate has risen to 3.1% in the year to August, driven by surging petrol and diesel prices.

The latest figures from the Office for National Statistics (ONS) show that inflation hit 2.9% in July, its highest level in four months, following a price hike caused by the conflict in the Middle East.

The ONS chief economist Grant Fitzner noted that 'sharp price rises for petrol and diesel pushed inflation up again in August.'

Transport prices increased by 4.6% over the past year, with the average cost of petrol rising by 9.1 pence per litre between July and August.

The Bank of England will meet on Thursday to decide whether to adjust its interest rate, currently at 3.75%, in an effort to control inflation.