Soaring oil prices drive British inflation to record

SOARING oil prices caused British inflation to rise at its fastest rate in eight years during July.

The Consumer Prices Index (CPI) moved up to 2.3% from 2% the previous month - the highest level since records began in January 1997.

It was driven by higher petrol prices, reflecting the recent rise in the cost of crude oil to record levels, the Office for National Statistics said.