From CNBC · Chloe Taylor · · 1m
UK inflation hits 3.1% as fuel prices surge
Rising gasoline and diesel costs push Britain's inflation rate above 3% for the first time since March.
In brief
Rising gasoline and diesel costs push Britain's inflation rate above 3% for the first time since March. UK inflation jumped to 3.1% in August, driven primarily by sharp increases in gasoline and diesel prices at the pump. Originally reported by CNBC.
UK inflation hits 3.1%
Britain's annual inflation rate jumped to 3.1% in August, marking the first reading above 3% since March. The increase matched what economists expected.
Motor fuel drives the spike
The Office for National Statistics said rising gasoline and diesel costs were largely responsible for pushing inflation higher.
Gasoline up 9 pence per liter
Average gasoline prices rose by 9.1 pence per liter between July and August, reaching their highest level since November 2022.
Diesel jumps even more
Diesel prices climbed by 14.2 pence per liter in August, a sharper increase than gasoline.
Energy cap hike in July
Inflation had already risen to 2.9% in July when the government revised its regulated energy price cap sharply upward.
The essence
UK inflation jumped to 3.1% in August, driven primarily by sharp increases in gasoline and diesel prices at the pump.
