UK inflation rises to 3.1 percent in August as fuel costs climb
Official data released Wednesday shows UK annual inflation reached 3.1 percent in August driven by higher fuel prices.
Consumer prices index figures
The Office for National Statistics reported that the annual rate increased from 2.9 percent in July. This rise matches forecasts made by financial analysts before the data was published.
Fuel and transport impact
Motor fuel prices jumped by nearly a quarter to push the overall index higher. Transport costs contributed significantly to the increase as global oil markets remained volatile.
Central bank interest rate outlook
The Bank of England is scheduled to decide on its benchmark rate this Thursday. Markets expect the current level of 3.75 percent to remain unchanged despite the inflation spike.
2 outlets, different leads
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Business Recorder
UK inflation jumps to 3.1% in August as fuel prices rise
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The Guardian
UK inflation rises to 3.1% as motor fuel prices jump by almost a quarter
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2 independent outlets. Headlines as published. Links open the original report.