Inflation - savings interest...= Better to save overseas?

Hi group,

I was reading this article about inflation rates:

Inflation rate reaches 16-year high
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>Prices of goods and services are now climbing at an annual rate of >4.6 per cent.
>Figures calculated for The Daily Telegraph by the consultancy firm,
>Capital Economics, have shown that, for many middle-class >families, inflation

could now be running at 7.6 per cent.

Taking the 7.6% figure as a conservative estimate of inflation, that means our money is actually shrinking even in most ISAs. Does this mean that apart from higher-risk/higher-return investments (e.g. stocks) or large capital ones (e.g. property, which is beyond my financial capacity), the best thing to do if you've got some money to spare is to transfer it overseas at a favourable exchange rate and then keep it in a foreign bank account?

Something like say Japan (0.3% 2006) or Israel (-0.1% 2006)