Published • loading... • Updated
UK inflation rate rises to 3.1% in year to August
Petrol, diesel and airfares pushed the Consumer Prices Index up as core inflation held at 2.6%, officials said.
- Official figures published on Wednesday showed British inflation accelerated to a five-month high of 3.1% in August, rising from 2.9% in July.
- Petrol, diesel, and airfares stoked price growth as the conflict in the Middle East continued to disrupt global oil supplies during the summer travel season.
- Core inflation held at 2.6% for a fourth consecutive month in August, The Office for National Statistics reported, while services inflation remained unchanged at 3.4%.
- Despite rising price pressures, the Bank of England is expected to keep interest rates on hold at 3.75% when it meets on Thursday.
- Goldman Sachs expects headline inflation to peak at 3.9% in early 2027, pushing further away from the Bank of England's 2% target amid longer-term inflation concerns.
Insights by Ground AI
53 Articles
53 Articles
The British Treasury Chancellor John Healy stated that the rise in inflation in the country to 3.1 per cent in August was triggered by the effects of the armed conflict in the Middle East. Consumer prices in the United Kingdom increased by 3.1 per cent in annual terms over the past month, compared with 2.9 per cent in July, by The Guardian. The main factor contributing to the increase in the cost of living was the increase in vehicle fuel by alm…
Higher fuel prices are driving inflation, which puts the Bank of England under increasing pressure before its interest rate decision.
·Düsseldorf, Germany
Read Full Article
Coverage Details
Total News Sources53
Leaning Left7Leaning Right7Center9Last UpdatedBias Distribution39% Center
Bias Distribution
- 39% of the sources are Center
39% Center
L 31%
C 39%
R 30%
Factuality
To view factuality data please Upgrade to Premium
