Petrol and diesel price rises push UK inflation rate up to 3.1%

The rate of UK inflation rose to 3.1% in the year to August, according to figures from the Office for National Statistics

Petrol and diesel price rises contribute to the increase, as does the increasing cost of airfares

Chancellor John Healey says the Middle East war is impacting inflation worldwide but the UK economy is “proving resilient”

What is inflation? It measures the increase in the price of something over time – the Bank of England has a target of keeping the rate at 2%