Ahead of the Bank of England's interest rate decision, UK inflation rose to a five-month high.

September 16th, just one day before the Bank of England is set to announce its interest rate decision, official data released showed that UK inflation rose for a second consecutive month, driven by surging gasoline prices.

The UK Office for National Statistics announced on Wednesday that the Consumer Price Index (CPI) rose 3.1% year-on-year in August, the highest increase since March, compared with 2.9% in July. The result matched the median forecast of economists, while the Bank of England had projected a rise of 2.8%. The acceleration in inflation was mainly due to higher gasoline prices caused by the Iran conflict, as well as rising airfare prices during the summer holiday period.