UK inflation jumps to 3.1% in August as fuel prices rise
Summary
Britain’s annual inflation rate rose to 3.1% in August as higher fuel prices, driven by the Middle East war, pushed up consumer costs. The increase adds pressure on Prime Minister Andy Burnham and finance minister John Healey ahead of next month’s Labour budget update.
Key Points
- Britain’s Consumer Prices Index rose 3.1% in the 12 months to August, up from 2.9% in July.
- Rising fuel prices linked to the Middle East conflict are adding to inflationary pressure.
- Prime Minister Andy Burnham and finance minister John Healey face pressure to ease the cost of living before the Labour budget update.
- The Bank of England is expected to keep interest rates unchanged at 3.75% this week.
