Surging fuel prices push UK inflation rate to 3.5% ahead of Budget
Summary
The inflation rate in the UK rose to 3.5% in the year to September, up from 3.1%, mainly because petrol and diesel prices increased sharply. Higher fuel costs are linked to global supply problems caused by conflicts in the Middle East and Europe.Key Facts
- UK inflation rate increased from 3.1% to 3.5% by September 2026.
- Petrol prices in September reached their highest level since August 2022.
- Petrol prices rose by 8.2 pence per litre to 169.5 pence per litre between August and September.
- Diesel prices increased to 192.5 pence per litre over the same period.
- Overall motor fuel prices went up by 29.8% in the last year.
- Conflicts in the Middle East and Europe have reduced global oil supply, pushing prices higher.
- The UK government borrowed £25 billion in September 2026, £1.8 billion more than the previous year.
- Higher inflation increased the government’s debt interest costs.
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