Updated

UK consumer price inflation rose to 3.1% in the latest reading, driven largely by higher energy costs, according to CNBC. The data lands a day before the Bank of England's next monetary policy update, raising the stakes for the central bank's rate decision. The higher-than-expected inflation print complicates the BOE's policy calculus, as officials weigh persistent price pressures against a UK economy that has shown signs of slowing growth. Markets are watching for signals on whether the central bank will pause rate cuts or adjust its guidance in response to the inflation surprise.