Bank of England Warns of ‘Apocalyptic’ Global Food Shortage, ‘Helpless’ in Face of Surging Inflation

The Governor of the Bank of England has warned of “apocalyptic” global food price rises and said he is “helpless” in the face of surging inflation as the economy is battered by the war in Ukraine.

Andrew Bailey said he has “run out of horsemen” when counting the shocks facing Britain, with runaway energy and food costs driven by global market forces beyond his control.

Prices are rising at the fastest rate in 30 years, creating a “very big income shock” that is expected to intensify in coming months with a risk of double-digit inflation before the end of the year.

Mr Bailey told MPs on the Treasury Select Committee that he is increasingly concerned about a further surge in food costs if Ukraine, a major crop grower, is unable to ship wheat and cooking oils from its warehouses because of a Russian blockade.

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The Governor said that he had spoken to Ukraine’s finance minister and added: “The [risk] I’m going to sound rather apocalyptic about I guess is food.

“Ukraine does have food in store but it can’t get it out at the moment. While [the finance minister] was optimistic about crop planting, he said at the

www.telegraph.co.uk/business/2022/05/16/bank-england-warns-apocalyptic-global-food-shortage/

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