Inflation remained unchanged in August at 3.1%, according to data released by the Office for National Statistics (ONS).

Consumer Prices Index (CPI) inflation remains well above the Bank of England's 2% target and the rate remaining unchanged brings to an end a three successive months where the rate fell.

Retail Prices Index (RPI) inflation slowed to 4.7%, down from 4.8% in July.

Economists had forecast lower rates of inflation for August, with CPI expected at 2.9% and RPI at 4.6%. The Bank of England has warned that the impact of the emergency Budget's VAT rise to 20% in January will keep inflation high.