Inflation in the United Kingdom has risen to 3. Last month, it increased by 2% from 2% in July, marking the largest monthly increase since records began in 1997. According to the Office for National Statistics (ONS), the consumer prices index (CPI) measure of inflation for August was the highest since March 2021, owing largely to higher food costs.
The rate has now surpassed the Bank of England’s 2% inflation target, and economists are likely to be surprised by the rapid acceleration. According to officials polled by Reuters, the number could rise to 2. 9% of the population