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🇬🇧 UK inflation jumps to 3.1%, but it's an oil problem, not a Bailey problem
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🇬🇧 UK inflation jumps to 3.1%, but it's an oil problem, not a Bailey problem

Macro Soup Newsroom Macro Soup Newsroom 4 min read

UK inflation rose to 3.1% in August on a petrol-price spike tied to Middle East oil disruptions. Core inflation held steady, the labour market kept weakening, and the Bank of England's rate call just got harder.

Split graphic: 3.75% current Bank Rate, next due 17 September 2026; 3.1% current inflation rate, target 2%.
Bank Rate stays at 3.75% with a decision due 17 September 2026 as inflation sits at 3.1% versus a 2% target. Source

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