Released on: August 14, 2008, 1:59 am

Press Release Author: Gracy

Industry: Financial

Press Release Summary: Office for National Statistics (ONS) has released a report
which revealed that the rate of inflation continued to rise for the entire month of
July.

Press Release Body: London (Ask4loan) August 13, 2008: Office for National
Statistics (ONS) has released a report which revealed that the rate of inflation
continued to rise for the entire month of July.

The ONS report showed that the touchstone of government for inflation ie Consumer
Price Index (CPI) has increased to 4.4% , up by a margin of 0.6% as recorded in the
month of June. The Retail Price Index too, for the month of June have recorded the
reading of 5%, from the mark of 4.6% in June. According to the ONS, this sudden
increase in the inflation has been due to the increase in the prices of food items
such as bread, meat, cereals and even vegetables. Even the non-alcoholic beverages
too have played a significant role in this direction. But the most important
contributing factor has been the transport costs which have been directly affected
by the prices of petrol in the international market.

While the prices of computer games, pre-recorded DVD\'s which are a substantial part
of entertainment sector have shown a slump. ONS have suggested people to take the
help of debt consolidation loans, so that their daily or monthly budget is not
affected at all. Meanwhile reacting to the statement, Moneyfacts, an independent
financial adviser has also cautioned the people, that the rising rate of inflation
could be harmful for their savings. Seeing the fact that the inflation may creep
over the mark of 5% , they have advised people to resort to the best-buy accounts
paying rates so that they could encounter the rising rate of inflation. They also
expect that the monetary policy committee will increase the base rate so that it
could help the people in fighting against the ill effects of rising inflation.

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