Released on: July 17, 2008, 2:05 am

Press Release Author: amenda dorothy

Industry: Financial

Press Release Summary: Surging food and petrol prices pushed inflation to 3.8% in
June making the life of credit crunch hit life of the UK worse.

Press Release Body: London (Ask4loan) July 16, 2008: The policy makers at the Bank
of England dealt a fresh blow after surging food and petrol prices pushed inflation
to a deadly high of 3.8% in June. This is higher than the expected 3.6% and nearly
double of the Bank\'s 2% target. According to the reports of the Office for National
Statistics,the Consumer Prices Index (CPI) measure jumped from 3.3% in May. The
Bank\'s official inflation benchmark is now at the highest level since Consumer Price
Index records began in January 1997. Based on historical data prior to this
alarmingly high, inflation was last higher in May 1992.

The worse-than-expected figures regarding Inflation mean the Bank has less breathing
space to cut interest rates despite mounting signs of the economic slowdown. The
down turn has prompted fears over a recession. The deadly rise in food prices was
one of the main reasons behind the inflation jump. It has highlighted the hikes
faced by consumers in their weekly shopping bills. Last month saw large increases in
beef and pork sausage prices, as well as big hikes in the cost of rice, white bread,
biscuits and frozen pizza. The cost of milk also increased by around 10p for four
pints and 4p for two pints.

The rise in food, petrol and gas and electricity costs were partially offset by a
lower increase in mortgage payments than 2007 and a downward impact from sliding
immovable property prices.

For additional information on the news that is the subject of this release (or for a
sample, copy or demo), contact Webmaster or visit http://www.ask4loan.co.uk

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Contact Details: Shakespeare Finance Limited
Parade House
135, The Parade High Street
Watford
Hertfordshire
WD17 1NS
0800 097 3653
http://www.ask4loan.co.uk