Economic Buzz: UK inflation up from 2.9 to 3.1% in August

The annual inflation rate in the United Kingdom came in at 3.1% in August, up from 2.9% in July, the Office for National Statistics (ONS) said in its report published on Wednesday. Month-over-month, the Consumer Price Index (CPI) was up by 0.5%.

The Consumer Prices Index including owner occupiers' housing costs (CPIH) climbed by 3.3% year-on-year, compared with 3.1% in July, and advanced by 0.5% on a monthly basis. The CPI excluding food, energy, alcohol, and tobacco increased by 2.6% annually, unchanged from July's figure. CPI goods inflation rose to 2.7% from 2.2%, while services inflation remained unchanged at 3.4%.

Transport, particularly motor fuels, made the largest upward contribution to the monthly change in both CPIH and CPI annual rates, the ONS said.

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