The UK's annual inflation rate jumped to 3.1% in August, driven primarily by surging gasoline and diesel prices that rose 23% year-on-year. Energy costs, including electricity and gas, increased 6% annually, reflecting the country's vulnerability to external energy shocks amid crude oil prices above $100 per barrel. The spike marks the first inflation reading above 3% since March and comes as the Bank of England prepares to announce its monetary policy decision.