Just the day before the Bank of England will announce its interest rate decision, officially released data showed that the UK inflation rate was rising for the second month in a row due to soaring gasoline prices. The UK Office for National Statistics announced on Wednesday that the consumer price index rose 3.1% year on year in August, the highest increase since March, and 2.9% in July. This result is in line with economists' median forecast, with the Bank of England forecasting a 2.8% increase. The acceleration in inflation is mainly due to the rise in gasoline prices due to the war in Iran, as well as the rise in air ticket prices during the summer holidays. As an indicator of domestic pressure, inflation in the service sector remained at 3.4%. The core inflation rate, which excludes the prices of energy, food, alcohol and tobacco, also remained unchanged at 2.6%.

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