The Possibility Of More Rises In Food Prices Is A

17th May 2022

The possibility of more rises in food prices is a "major worry" for the UK and other countries, the Bank of England governor has warned.

Apologising for sounding "apocalyptic", Andrew Bailey said the war in Ukraine was affecting food supplies.

Mr Bailey also defended the Bank's performance following criticism it has not done enough to try to rein in rising prices.

Inflation - the rate at which prices rise - is at a 30-year high.

Mr Bailey warned that that a "very big income shock" from the increase in global goods prices would hit demand in the economy and push up unemployment.

He also said that difficulties shipping out food supplies from Ukraine could hit world supplies of wheat and cooking oil.

World wheat prices have risen 25% over the past six weeks.

Read more at
Bank governor in apocalyptic warning over rising food prices