The Britons are feeling the pinch of rising inflation more than the citizens of other countries, according to Chancellor George Osborne. Increasing prices of food and fuel are responsible for the rising level of inflation in the UK. It is a hard hit on the UK citizens. In the closing ceremony of the G20 summit held in Paris, George Osborne remarked that the fall in the pound’s value has raised the inflation levels by 4%. The weakness of poundsterling was inevitable when the British economy was going through a phase of instability driven by high amounts of debt.

Throwing more light on the issue in the G20 summit’s closing ceremony; Osborne said that the value of the British currency fell due to its overpricing in the world and rebalancing to make the economy a level ground for all. Rebalancing of the economy has resulted in pushing up the food and oil prices more for the consumers in Britain than for the consumers in other parts of the world.

In the UK, the price of petrol has risen from 117p to 133p a litre just in a year. The last month itself, the fuel price rise burdened the average two-car families in the UK with an additional £9 to their monthly petrol bills. The soaring price of crude oils is driving up the petrol price across the world as global demand for crude oils is recovering after the recent financial meltdown. George Osborne fears that the ongoing tumult in the Middle East can add up more 5p to the cost of petrol per litre.

The rising food and oil prices have raised a concern for the senior citizens of the UK. However, the retired homeowners and the 55-year old homeowners can have respite from the pinch of the rising inflation levels. House equity release is the respite for them.