The UK’s Consumer Prices Index (CPI) inflation rate — the key measure of inflation — was 2.9% in August, up from 2.6% in the previous month, according to the Office for National Statistics.
Inflation had been expected to climb to 2.8% from the 2.6% level seen in both June and July, according to economists polled before the release, but just exceeded those expectations.
CPI measures the weighted average of prices of a basket of goods and services, such as food, transportation, and medical care.
