Last month's inflation rate for the year to August was 3.1%, according to the last set of Office for National Statistics figures. Increasing petrol prices, diesel prices and airfares contributed to price growth.

It meant that inflation moved further away from the Bank of England's 2% target after it accelerated from 2.9% in July.

Image source, Getty Images

Inflation is the increase in the price of something over time.

For example, if a bottle of milk costs £1 but is £1.10 a year later, then annual milk inflation is 10%.

If it had risen to £1.05 instead, then the inflation rate would be lower, at 5%. That would still have been an increase, but a smaller one.

When we say the inflation rate has fallen, that often means prices are still rising, just not as quickly.

The prices of hundreds of everyday items and services, including food and fuel, are tracked by the Office for National Statistics (ONS) to produce the Consumer Prices Index (CPI), with the latest figure published monthly.

The recent rise in inflation has mainly been driven by higher fuel prices, which have dramatically increased since the outbreak of the Iran conflict.

After the US and Israel attacked Iran and its proxies in February, Iran threatened shipping travelling through the Strait of Hormuz, driving up oil transportation costs, including maritime insurance.

Image source, Reuters

The latest set of inflation figures are set to be released at 07:00 BST.

Economists predict the rate could rise today, mostly due to the rise in global fuel prices.

In the year to August, inflation hit 3.1%. Those numbers, released last month, were an increase on the 2.9% in the year to July.

The new inflation figure comes ahead of Andy Burnham's first Budget as prime minister, which will be delivered by Chancellor John Healey on 28 October.

Stick with us, we'll bring you the figure as soon as it's announced, along with reaction and analysis from our experts.