Bank of England expected to leave interest rates on hold on Thursday despite inflation hitting 3.1% – business live

Soaring motor fuel costs have pushed UK inflation to a five-month high in August

Worryingly, the cost of goods produced by UK factories rose at a faster rate in August too.

Producer output prices – or the cost of goods at the ‘factory gate’ - rose by 3.7% in the year to August, up from 3.3% in July.

“Rising crude oil and petrol prices increased both the annual cost of raw materials and the price of goods leaving factories respectively.”