UK inflation jumps to 3.1% in August as fuel prices rise

The UK's annual inflation rate rose to 3.1% in August, up from 2.9%. According to Investing.com, this increase was driven by higher fuel prices, with motor fuel costs making the largest upward contribution to the annual rate.

The average price of petrol rose 9.1 pence per litre between July and August, to 161.3 pence per litre, the highest since November 2022. Diesel prices rose 14.2 pence per litre, to 181.8 pence per litre. Overall motor fuel prices rose 23% in the 12 months to August, up from 15.5% the previous month.

The core CPI, which excludes energy, food, alcohol and tobacco, remained at 2.6%, unchanged from July, as per Investing.com. The Consumer Prices Index including owner occupiers’ housing costs (CPIH) rose 3.3% in the 12 months to August, up from 3.1% in July, also according to Investing.com.

Brief written by urgent.news from Punch, Investing.com, Guardian Business — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.