‘Apocalyptic’ food prices will be disastrous for world’s poor, says Bank governor
The Guardian says the Bank of England governor has blamed the war in Ukraine for the highest inflation in the UK for three decades and warned that “apocalyptic” food prices caused by Russia’s invasion could have a disastrous impact on the world’s poor.
Defending Threadneedle Street before an announcement on Wednesday of the sharpest annual increase in four decades, Andrew Bailey told MPs that while he was unhappy about the level of price rises, 80% of the inflation target overshoot was caused by factors outside the Bank’s control.
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.
Countries such as Egypt and Tunisia rely heavily on exports of Ukraine’s wheat and cooking oil, and the governor said his concerns about food supplies had been heightened after speaking to Kyiv’s finance minister at last month’s IMF meeting in Washington.
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