Inflation rises to 3.1% after drivers hit by higher petrol and diesel prices
Higher fuel prices pushed up inflation in August(Image: Getty Images)
TL;DR
- Inflation rose to 3.1% in August, up from 2.9% in July.
- Higher petrol and diesel prices were the main cause of the inflation increase.
- The collapse of a US-Iran ceasefire deal in July led to increased oil and gas prices.
- Average petrol prices reached 161.3p per litre, and diesel averaged 181.8p per litre in August.
- The ONS Chief Economist noted that higher airfares also contributed to the rise.
- Chancellor John Healey mentioned the impact of the Middle East war on global inflation and highlighted government actions to ease financial pressure.
- This inflation data precedes the Bank of England's upcoming interest rates decision.
- The Bank of England targets 2% inflation and uses interest rates to control price rises.