According to new figures from the Office for National Statistics (ONS), Britain’s inflation has risen the most since records began in 1997.
Inflation has risen to 3.2 percent, the highest in more than nine years.
Consumer Price Index (CPI) inflation rose to 3.2% in August from 2% in July, the highest since March 2012.
The ONS said the record jump in August came when restaurant and cafe prices rose last summer after huge discounts under the At Out to Help Out scheme.
The ONS added that the supply chain crisis is also likely to have some effect on inflation last month, which it said helped push up food and non-alcoholic beverage prices.
But according to statisticians, the huge increase in August has been temporarily fixed.
Jonathan Etho, deputy national statistician at ONS, explained that August saw the biggest increase in the month of annual inflation.
“However, most of this is likely to be temporary as restaurant and cafe prices fell sharply last year due to the At Out to Help Out scheme, while prices have risen this year.
“Prices of food and non-alcoholic beverages have risen more than last year, which has also helped drive rates.”
Inflation in the UK is now above the Bank of England’s target of 2%.
Experts predict that inflation will reach 4% by the end of this year as the economy recovers from epidemics.
With a shortage of lorry drivers in the UK, global supply chain issues are putting pressure on the availability of raw materials and retail stocks, leading to a sharp rise in supermarket shelves in recent weeks.
Builders have been reporting delays and high prices for all materials, including cement, steel and bricks.
Fuel prices continued to rise last month, with petrol prices seeing the biggest jump since September 2013.
According to the ONS, the average price of petrol in August 2021 was 134.6 pence per liter, compared to 113.1 pence per liter a year ago.