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Customers re-fuel their cars at a petrol station as Brent crude oil prices hit $100 per barrel for the first time since May on July 23, 2026 in London, England.<\/p>\n
Leon Neal | Getty Images News | Getty Images<\/p>\n<\/div>\n<\/div>\n<\/div>\n
The U.K.’s annual inflation rate jumped to 3.1% in August, pushed up by surging gasoline and diesel prices. <\/p>\n
The print, which was in line with economists’ expectations, marked the first inflation reading above 3% since March. <\/p>\n
The country’s Office for National Statistics said that the spike was largely driven by rising motor fuel costs. <\/p>\n
The average price of gasoline rose by 9.1 pence ($0.12) per liter between July and August, the ONS said, putting average prices at their highest since Nov. 2022. Meanwhile, average diesel prices rose by 14.2 pence per liter in August. <\/p>\n
Inflation rose to 2.9% in July, as a government-regulated price cap on energy costs was revised<\/a> sharply upward. <\/p>\n