Wednesday, October 21, 2026
11.5 C
New York

Surging fuel prices push UK inflation rate to 3.5% ahead of Budget


The pace of UK price rises accelerated ahead of Chancellor John Healey’s first Budget, pushed up by sharp increases in petrol and diesel prices.

The rate of inflation rose to 3.5% from 3.1% in the year to September, its quickest pace since October 2025, according to the Office for National Statistics (ONS).

The cost of filling up a vehicle has soared in recent months as conflicts in the Middle East and Europe continue to squeeze global oil supplies.

The inflation figures came as UK government borrowing jumped to nearly £25bn in September, adding to pressure on Healey as he gears up for the Budget.

Petrol prices in September were the highest since August 2022, the ONS said, while diesel also rocketed.

The average price of petrol rose by 8.2p per litre to 169.5p per litre between August and September, while diesel rose to 192.5p per litre.

Motor fuel prices overall rose by 29.8% in the period covered by the figures.

ONS chief economist Grant Fitzner said September’s “notable” increase meant inflation was at its highest rate in almost a year.

The wars in the middle east and Ukraine have pushed up fuel prices. The effective closure of the Strait of Hormuz by Iran after US and Israeli attacks has severely disrupted a major global supply line for crude oil, while oil refining capacity has been hampered globally by Russian and Ukrainian attacks on each other’s infrastructure.

As well as fuel prices, the increase was driven by rising prices for airfares, computer games and live events, Fitzner said.



Source link

Hot this week

Elon Musk confirms he is considering merging Tesla and SpaceX

Elon Musk has said he is actively considering...

Sigma Healthcare Limited (SIGGF) Shareholder/Analyst Call Transcript

Michael Sammells Good afternoon. My name is...

Founders of $18.6B RIA exit JPMorgan to build client portfolios on their terms

Processing ContentKey insight: Large wealth managers' compliance strictures...

Is the Housing Market Going to Crash?

Key takeaways Economists are confident that the housing market...

Gold Rally Extension Depends on US Economy: 3-Minute MLIV

Anna Edwards, Guy Johnson and Morwenna Coniam break down...

Latest Post

Gold Rally Extension Depends on US Economy: 3-Minute MLIV

Anna Edwards, Guy Johnson and Morwenna Coniam break down...

Founders of $18.6B RIA exit JPMorgan to build client portfolios on their terms

Processing ContentKey insight: Large wealth managers' compliance strictures...

Is the Housing Market Going to Crash?

Key takeaways Economists are confident that the housing market...

Sigma Healthcare Limited (SIGGF) Shareholder/Analyst Call Transcript

Michael Sammells Good afternoon. My name is...

Elon Musk confirms he is considering merging Tesla and SpaceX

Elon Musk has said he is actively considering...
Demo

Related Articles

Popular Categories

Demo