U.K. inflation accelerated again in August, keeping price pressures well above the Bank of England's target ahead of a rate decision on Thursday.

Consumer prices rose 3.1% in August compared with a year earlier, up from 2.9% in July, the Office for National Statistics said Wednesday. This was in line with a consensus forecast of economists polled by The Wall Street Journal.

The rise marks the highest inflation reading since March, when energy prices were driven up by the outbreak of war in Iran. It sits just above February's 3%, but remains significantly higher than BOE's prewar forecasts, which saw inflation falling to its 2% target this year.

Higher household energy costs continued to feed through to inflation in August. Ofgem, the U.K.'s energy regulator, raised the household energy price cap by 13% at the start of July, pushing electricity and gas prices higher and contributing to the sharp rise in headline inflation that month.

Meanwhile global oil prices have increased even further in recent weeks, with Brent crude moving back above $100 a barrel as tensions in the Middle East have intensified. Ofgem also outlined plans to raise the energy price cap again from October.