UK Inflation Rises to 3.1% in August Ahead of Bank of England Rate Decision

UK consumer price inflation rose to 3.1% year-on-year in August, up from 2.9% in July, driven largely by higher energy prices linked to renewed conflict in the Gulf. The figure exceeded the Bank of England's own July forecast of 2.8% and arrives one day before the central bank is expected to announce its latest interest rate decision, with rates widely anticipated to remain unchanged.