UK Inflation Climbs to 3.1% in August 2026

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Source: Dukascopy Bank SA
UK inflation picked up momentum in August 2026, with annual CPI rising to 3.1% (up from 2.9% in July) and CPIH climbing to 3.3%, driven largely by volatile energy and travel costs rather than broad-based domestic pressures. Transport served as the primary upward engine, surging to an annual rate of 4.6% due to a steep 23.0% annual jump in motor fuels where petrol hit 161.3p per litre and diesel reached 181.8p per litre, alongside a sharp 6.2% monthly spike in airfares. Housing and household services also added persistent upward pressure at 4.3% annually, reinforced by rising energy bills and owner occupiers' housing costs, pushing the UK's headline rate above peers like France (2.7%) and Germany (2.9%).



In contrast, underlying price pressures showed notable stability, as Core CPI and Core CPIH held flat at 2.6% and 2.9% respectively, and services inflation remained unchanged. The uptick was almost entirely confined to goods inflation, which jumped half a percentage point to 2.7%, while consumer staples provided significant relief. Food and non-alcoholic beverage inflation held steady at a modest 1.3% its smallest contribution to headline CPIH since September 2021 helped by a dramatic cooling in confectionery and sugar price growth down to 0.6%.
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