Apocalyptic food prices, soaring inflation and the cost of living crisis

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The Bank of England governor Andrew Bailey has said there is a possibility of food price rises in the UK and it is a “major worry” for the UK and other countries.

Bailey says the war in Ukraine was affecting food supploes.
He defended the Bank’s performance following criticisms it have not done enough to try to reign in rising prices.
Inflation – the rate at which prices rise – is at a 30-year high.
He added there was a “very big income shock” from the increase in global goods prices would hit demand in the economy and push up unemployment.
Difficulties in shipping out food supplies from Ukraine could hit world supply of wheat and cooking oil.
Inflation hit 7% in March, and figures due out later this week are expected to show the rate climbed higher in April.
The Bank has warned inflation could hit 10% by the autumn, well above its 2% target.
The surge in the cost of living has led to households cutting back their spending, which is hitting growth.
Andrew Bailey asked high-earners to not demand big pay rises.

NO asking for a pay rise The Independent says Workers should “think and reflect” before asking for pay rises, £575,000-a-year Bank of England chief Andrew Bailey told MPs on Monday. The paper seems to delight in highlighting the hypocrisy of Bailey's comment.

Media Bias

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Ukraine war to blame For the Daily Express, the headline deflects blame away from the Bank and picks up on Bailey's comments saying the Ukriane war has played its part in rising food prices.

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Deflecting blame Whilst FT takes a completely different approach to the Daily Express and reports Andrew Bailey is deflecting blame for the soaring inflation. The paper remarks how global 'shocks' including the war in Ukraine are what Bailey is pointing to in explaining inflation.

Media Bias

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Disastrous for 'world's poor' The Guardian looks at how the world's poor will be most effected by the rising food prices. The paper reports Bailey said the Bank could not have been expected to predict a war in Ukraine, which he warned would have consequences for the UK and the developing world.

Media Bias

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